Financials for India - EBS (MOSC)

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TDS on VAT

edited Jan 26, 2017 4:00AM in Financials for India - EBS (MOSC) 11 commentsAnswered

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

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