Scenario: During Purchase Order import, the vendor’s registration type is ‘overseas’ therefore GST is not applicable for the vendor. But the item has hsn code with GST rule applied which results in automatic tax calculation. Solution: Since GST tax calculation is not required for the vendor, map ‘Tax details override’ as ‘Yes’. Now, tax calculation… Continue reading Mapping HSN code of items in PO for overseas vendor
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What is input tax credit
What is input credit? Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Say, you are a manufacturer – tax payable on output (FINAL PRODUCT) is Rs 450 tax paid on input (PURCHASES) is Rs 300 You can claim INPUT CREDIT of… Continue reading What is input tax credit