 Concept of VAT |
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Concept of VAT is not new to Coral, having introduced MODVAT (& CENVAT) in
X-ise way back in 1997.
- VAT stands for Value added tax, meaning you pay tax only on the Value addition done,
be you be a manufacturer, trader of goods or a service provider
- Tax paid on inputs is adjusted against tax payable on outputs. That's purest
form of VAT. Our desi VAT has many desi restrictions.
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| Making ACE & X-ise VAT compliant |
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- Various VAT credit restrictions have been incorporated VAT rules
depending on the nature of purchases or sale
- Hence, concept of transaction type has been introduced, which may be
specified by the user in Purchase and Sales transactions
- Transaction types are be created as a master
- To deal with various rates of VAT, existing Billing terms can be used
- To deal with products attracting different rates of VAT in a single invoice,
product level billing terms have been enabled, like in X-ise
- Concept of Common Inputs (Inputs against which both vatable and exempted
goods are manufactured) have also been dealt with (on lines of Central Excise)
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| Specific Changes |
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Setup General Settings
- Separate VAT details group with following :
- TIN No
- CST No
- SST No
- State (Pop-up for States & UTs)
- Legal Status
- Sundry information
- Whether all consumptions are for manufacture of Vatable products
- Prompt Transaction Type in Purchase & Sales
- Master - Debtors & Creditors
- TIN (so called registration VAT no.)
- State
- Master - Products
Separate VAT details group with following :
- Vatable
- R. S. P
- RSP rate
- Assessable value formula
- Master->VAT transaction type for Purchase/Sale
- VAT Relations for Purchase/Sales
(To intelligently detect Transaction type on the basis
of Party, Product, etc.)
- Entry - Production & Consumption
- Prompts whether the consumption for production
of VATable goods or not
- Entry - Purchase & Sales
- Prompts for Transaction type for each product row
- Prompts for tax (billing) terms for each product row
- VAT Reports
- Generic VAT reports for Sales & Purchase provided
- VAT registers provided and State specific VAT returns are under study. Please wait for further announcements
| VAT Reports and Registers |
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