Project:
| View Revisions: Issue #24632 | [ All Revisions ] [ Back to Issue ] | ||
| Summary | 0024632: VAT 100 report needs to be improved. | ||
| Revision | 2014-09-03 08:57 by prashanth_s | ||
| Description | VAT 100 report needs to be improved. This report is provided in the format required by the Government of India, as it is a consolidated view of the "Tax Payable" to the Government. This report calculates the difference between "Sales" and "Purchase" Invoices that have a VAT tax rate associated to its lines. ************************************ VAT -- Value-Added Tax -- is the biggest tax reform in the last 50 years of independent India and will change forever the way traders do their business. Some VAT registered traders may overcharge their customers because they do not understand the correct workings of VAT on prices or are deliberately using VAT as an excuse for increasing prices. A trader registered for VAT effectively pays VAT only at one stage when he sells his goods. This tax is the only amount, which has an effect on his selling price which includes VAT. The VAT that he has paid as a part of his purchase price is charged on him by his suppliers. This is not a cost to him because he gets it back by deducting it from tax on his sales (Output Tax). Therefore, VAT should have a minimum impact on his selling prices ************************************ |
||
| Revision | 2014-07-29 07:33 by prashanth_s | ||
| Description | VAT 100 report needs to be improved. | ||
| Copyright © 2000 - 2009 MantisBT Group |
 |