OFI: Details and clarification on reporting codes & type
We have reporting codes section in Tax Type & Tax Rate setup. What is the purpose of these reporting code.
At high level I understand it is used for reporting and various GSTR reportings. But would like to seek more details and clarification on these.
- What is the impact if we don't setup now and setup later.
- We have many tax type likes CGST, SGST, IGST, Freight, Insurance, Misc Charges, BCD, SW Cess, Customs-IGST, EDD, Penalty, Interest, IGST-SEZ Pymt, CGST-RCM, SGST-RCM, IGST-RCM
Zero Rated, Exempt, TDS-Expenses, TDS-Salary, TDS-NRI. How we can group and classify
- What is applicability of reporting code in tax rate setup