Assigning tax accounts to a GST type involves selecting the tax accounts where GST will be deposited. The India Localization SuiteTax Engine SuiteApp uses the GST tax types to track GST in the chart of accounts. To assign tax accounts for a GST type: Go to Setup > Tax > Tax Types. Click Edit next… Continue reading Assigning Tax Accounts to India GST Types
Tag: Indian Tax
Creating Statutory Adjustment Journal
Use the statutory adjustment journal to adjust the calculated CGST, SGST/UTGST, or IGST on advance receipt or payment at the time of supply of goods and services. In addition, you can also use statutory adjustment journal to enter ITC (Input Tax Credit) reversal adjustment for GST claims in case you do not meet the specific… Continue reading Creating Statutory Adjustment Journal
Port Code field from India localization SuiteTax bundle
Port codes are assigned to identify different ports across the globe uniquely. These codes help in streamlining the process of identifying ports for customs and other related purposes. In India, the port codes are assigned by the Central Board of Indirect Taxes and Customs (CBIC). The port codes in India are usually six characters long, with… Continue reading Port Code field from India localization SuiteTax bundle
Indian tax (suitetax) and Multi Book compatibility
Indian tax (suitetax) and Multi Book compatibility