Tax Settlement – An overview

Introduction

Various types of Indirect taxes are imposed by the statutory bodies in each country, on the net value addition/sale of the goods and services provided by a Company. This Component handles the processes by which the tax liability arising on transactions is periodically settled with the statutory authorities

Feature Highlights

• There is a provision to define the Due Dates for Tax Remittances and the Tax Certificate Generation for different criteria

• Tax details recorded in the individual transactions are incorporated into the Tax Book and into the concerned Tax Registers

• Tax Data incorporated into the Tax Book is selected and included in the declaration. Declaration provides for consolidation Journal Entry for Vat and Remittance Batch Creation for TDS

• For Tax Types like Vat where the settlement process is “Declaration”, there is a provision to find the net of input and output taxes and generate the payment voucher for the balance amount

• After Tax Declaration, the Declaration period and the year is closed for further additions, modifications or deletions

List of Activities