How does GST work?

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Enable Tax Option

 

Go to Tools > Options > General > Goods and Services Tax, check the checkbox of Use Goods & Services Tax (Tax Type)

 

 

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Maintain Tax Type

 

Go to General Maintenance> Tax Type Maintenance

 

 

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Tax Type: give the tax type a code name

Active: Active means this tax type is enabled and in-use

Input Tax Account No: assign the Input (Purchase) Tax account for posting purpose. You need to maintain this account (Current Liability type) at G/L > Account Maintenance.

Output Tax Account No: assign the Output (Sales) Tax account for posting purpose. You need to maintain this account (Current Asset type) at G/L > Account Maintenance.

Description: key in the description of this tax type

Tax Percentage: define the tax percentage

Tax Calculation Method: choose either Inclusive or Exclusive. Inclusive means the tax is included in sales/purchase price, which means actual sales/purchase value will be = Sales or Purchase Price / (1+ r) .... where r is the tax rate.

Tax Type Category: key in the tax type category for reporting purpose (Tax Transaction Listing Report)

 

 

 

Assign Tax Type To Item

 

Go to Stock > Stock Item Maintenance and assign tax type to stock items.

 

 

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Assign Tax Type To Creditor/Debtor

 

You may go to A/P > Creditor Maintenance and assign tax type to creditors.

You may go to A/R > Debtor Maintenance and assign tax type to debtors.

 

 

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Purchase Document

 

Purchase > Purchase Invoice

 

 

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Take a look at A/P > A/P Invoice Entry

 

 

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At A/P Invoice Entry screen, click on View > View Posting Details,

 

 

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Sales Document

 

Sales > Invoice

 

 

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Take a look at A/R > A/R Invoice Entry

 

 

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At A/R Invoice Entry screen, click on View > View Posting Details,

 

 

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Tax Transaction Listing Report

 

 

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Also refer to:

Tax Type Maintenance

GST updates in 1.3.3.21

GST Updates in 1.3.5

 

 

 

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