In India we need to charge service tax @ 14% and also Swatch Bharat tax 0.05% further Krishi Kalyan Tax 0.05% - This difference under one account head needs to be calculated, This is not able to calculate… Whats the procedure to calculate or setting entry for these at a time?
Can you provide an illustration of how these taxes are applied and who they are payable to.
Lets assume that you are issuing an invoice for 100.00.
I am thankful to have your clarification and supporting, Please note the following a part of invoice where we need the taxes calculation.
Delivery Order Fees - 5,165
Terminal storage & Handling - 5,660
Customs Duty - 37,711
Customs Clearance Charges - 6,500 (taxable)
Documentation & Portal exp. Charges - 5,500 (taxable)
Terminal Misc Handling Charges - 6,500 (taxable)
Transportation Delivery Charges - 4,500 (taxable)
Sub Total Amount - 71,536 (23,000 taxable)
S. Tax @14% - 3,220
KKC @ 0.50% - 115
SBC @ 0.50% - 115
Grand Total - 74,986
Kindly note, Format of tax calculation may change as per our requirement horizontally or Vertically
Kindly guide to do the needful.
You need to read the following Guide - especially the section on “multiple rates” where there is an illustration,