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Trading Setup

The document outlines the steps to set up a trading organization for excise and VAT taxes in India, including: 1) Entering registration numbers and defining accounts; 2) Associating sub-inventories and enabling trading; 3) Creating excise and VAT taxes for purchases and sales; 4) Defining item classifications as tradable, excisable, and VAT applicable; 5) Navigating to the excise bond register and associating transaction types.
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0% found this document useful (0 votes)
46 views10 pages

Trading Setup

The document outlines the steps to set up a trading organization for excise and VAT taxes in India, including: 1) Entering registration numbers and defining accounts; 2) Associating sub-inventories and enabling trading; 3) Creating excise and VAT taxes for purchases and sales; 4) Defining item classifications as tradable, excisable, and VAT applicable; 5) Navigating to the excise bond register and associating transaction types.
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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TRADING Organization- Setup Steps Additional Organization info (Null Location and With Site) 1.

Enter the CST, LST, PAN, TAN, VAT reg numbers

2. Enter the RG23D Account, BOE, Customs Writeoff, RTV Expense accounts (BOE ,Writeoff, RTV Expense accounts needed for Import Type POs)

3. Select the optional information in Receipts field if any

4. Enable Excise in RG23D check box and enter the other required information (Range, Division, Regn, Zone, etc.,)

4a. Make sure the Tax Calendar is defined

Bond Sub - Inventories 1. Associate all the sub inventories with India localization and make sure Trading

flag is enabled Regime Registration 1. Excise, Service, VAT., regime registration

Tax Creation 1. Create Excise and VAT Taxes for purchase

2. Create Excise Taxes for Sales with Adhoc Amount flag enabled and with

Credit Percentage 100

Tax Category 1. Tax category (Purchase) with Excise and VAT taxes

1. Tax category (Sales) with No precedence for Excise taxes

Item Classification 1. Excise Item Classification: Tradable with Yes, Modvatable No, Excisable Yes

2. VAT Item Classification: VAT applicable Yes, Recoverable Yes. If VAT is nonrecoverable then Recoverable should be No

Defining Excise Bond Register 1. Navigate to Define Bond register

2. Select the Inventory Organization name and Location name. Also select the type of Register you want to associate with

3. Associate all the Sales transaction Types with the register by attaching under it

Additional Customer and Supplier information 1. Additional Supplier and customer Info (Null location and With Site) with Excise, CST, LST, VAT Reg Nos

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