TDS on VAT
Dear Team,
There is a new requirement in AP due to change in law relating to VAT.
As per the new regulations TTD will have to deduct as 'TDS on VAT' @ 50 and pay to the State Govt.
For example:
Invoice Amount : 1,00,000
VAT @ 5% : 5,000
Total Invoice : 1,05,000
Organization to deduct 50% of VAT (50% of 5,000) 2,500 as 'TDS on VAT' and pay it to Govt.
Can any one please help me, how these entered in payables, any specific setup or any documentation.. which might very helpful
Thanks
Rajesh K