For printing the
sales/tax invoice with taxable value of works contract, tax and VAT/CST
analysis of stock items invoiced, the following options need to be enabled in F12:
Invoice Printing Configuration:
- Print Item Taxable Values: Set
this option to Yes, to print sales invoice with
taxable / assessable value of works contract sales after considering the
deduction towards labour charges in VAT enabled company.
- Print Tax Analysis of Items: Set
this to Yes, to print analysis of Excise
Duty, rate and assessable value of sales invoice recorded by defining Rate
of Duty in stock item master in company enabled with Follow excise Rules for invoicing option in F3:
Statutory & Taxation features.
- Print VAT/CST Analysis of Items: Set
this option to Yes to
print the sales invoice with analysis of VAT/CST rates, assessable values
and VAT amount in VAT enabled company.
For example, let us
record a sales invoice in Chandigarh VAT enabled company. In F3:
Statutory & Taxation features, apart from enabling VAT, set the
option - Follow Excise rules for
Invoicing to Yes.
- In the sales invoice select sales ledger grouped under Sales
Accounts with VAT/Tax class - Sales
- Works Contract @ 1%.
- Select the stock item predefined with Rate
of Duty under Name of Item. The Rate of Duty field with
rate defined in the item master appears under the selected stock
- Enter the Quantity and Rate for amount to appear.
- In Deduction Claimed for Tax Calculation screen,
enter the percentage or amount of deduction.
- Select the output VAT ledger grouped under Duties &
Taxes with Type of Duty/Tax as VAT, VAT Sub Type as Output VAT and VAT/Tax
class - Output
VAT - Works Contract @ 1%.
- The sales invoice appears as shown:
Accept the invoice.
- Click P: Print button and then F12: Configure button. Set the options - Print Item Taxable Values, Print
Tax Analysis of Items and Print
VAT/CST Analysis of Items toYes.
- Accept the Invoice Printing Configuration screen. The print preview
of sales invoice appears as shown:
As configured in the
invoice printing configuration the details are captured in the sales invoice
- Taxable Value and Assessable value fields
are displayed with amount on enabling Print Item Taxable Values configuration.
- Analysis of Excise%, Assessable Value and Excise
Amount is displayed as Print
Tax Analysis of Items configuration is set to Yes and rate of duty is
specified in stock item master of company enabled with Follow Excise rules for Invoicing option.
- Analysis of VAT%, Assessable Value and VAT
Amount is displayed on enabling Print VAT/CST Analysis of Items configuration.