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Financials for India - EBS (MOSC)

Handling RG23A/C credits within a period to avoid PLA to record -ve balances.

Feb 14, 2012 8:57PM edited Feb 15, 2012 3:37PM in Financials for India - EBS (MOSC) 3 commentsAnswered

All - Below is an example of the issue, Let me know how you have implemented the business case.

Setups:

1. Preference of crediting the tax liability is First RG23A, RG23C and then PLA

Example:

1. Opening balance of RG23A, RG23C = 0 INR, PLA = 1000 INR, Available Service Tax Credit = 0 INR

2. On 02-Feb-2012, Raw Material purchase is recorded, credits RG23A with amount 20,000 INR

3. On 05-Feb-2012, Finished Good sale is recorded, Debiting RG23A with amount of 20,000 INR.

4. On 10-Feb-2012, Finished Good Sale is recorded, Triggering a tax liability of 15,000 INR (which is debited to PLA as per existing setup).

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