Tax Type

The “Tax Type” selected by you in “Maintain Tax type & Tax Community” page.

Tax Community

The “Tax Community” selected by you in “Maintain Tax type & Tax Community” page

Type Name

The “Type Name” of the “Tax Type” selected.

Multiple Tax Code Applicable

Use the drop-down list box to select 'Yes' when more than one tax rate are to be applied on the same transaction; else select “No”.

Surcharge Applicable

Use the drop-down list box to select this parameter as 'Yes', when surcharge is applicable for the Tax Type-Tax Community; else select “No”.

Tax Rates Based On Threshold Limits

Use the drop-down list box to select this value as 'Yes' when Tax Rates are determined based on the Qty or Value of the transaction; else select “No”.

Charge Tax Rate Based On Assessee Type

Use the drop-down list box to select this value as 'Yes' when the Rate of Tax for a transaction would vary depending on the assessee status of the entity with whom the transaction takes place; else select “No”.

Multiple Declaration Years

Use the drop-down list box to select this parameter as 'Yes', when the Declaration periodicity of Tax Types applicable to the company varies; else select “No”. If the parameter ' Multiple declaration year' is set to 'No', set parameters 'Allow multiple tax region for the transaction' also to No.

Definition Of Tax Groups Applicable

Use the drop-down list box to select this value, as 'Yes' when grouping of Item/Tax/Charge/Discount/Usage Id is required; else select “No”.

Tax Calculation Applicable At

Use the drop-down list box to select this value as 'Line' when the tax details are required for every line of a transaction; else select 'Doc'.

Tax Certificate Applicability

Use the drop-down list box to select the value as “Yes”, When Tax certificate generation is required for the transaction attracting tax; else select “No”.

Tax Adjustment Voucher

 Use the drop-down list box to select the value “Yes”, If adjustment in Tax amount is needed after authorization of transactions; else select “No’.

Tax Settlement Process

Use the drop-down list box to select the required option. Select this value as 'Declaration' when the net of tax collected and paid in transactions are to be declared and the balance to be paid or recovered. If collected Tax to be remitted and paid tax to be recovered without setting them off, select 'Remittance'.

Some taxes, such as VAT require the assessee to submit periodic declarations before the actual remittance of the tax amount. If the settlement process involves declarations, select “Declaration”; else select “Remittance”. If User Defined Tax Type - Tax Community is selected, default value for Tax settlement Process is “Declaration”.

Staggered Credit of Tax on Capital Goods Purchase

Use the drop-down list to select “YES” when the tax is to be staggered on capital goods purchase; else select “No”.

Taxable Value Different from Computed Value

Use the drop-down list to select “YES” when the tax value is different from the value of tax computed; else select “No”.

Quantity Different from Derived Quantity

Use the drop-down list to select “YES” when the quantity differs from the derived quantity; else select “No”.

Percentage

If tax is to be reckoned in percentage.

Unit Rate

If tax is to be reckoned per unit of measure such as kg, Ton.

Flat

If tax is reckoned per item at a fixed amount.