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Tax Rate Master

Add and maintain various Tax Rates through this Master. One or more Tax Rates can be included to make a Rate Structure which is further used to calculate an Item's landed price.

A list of already defined Tax Rates will be displayed as follows-

Search:

Enter any text you want to search in the list below. The search is applicable to all columns of the list. Once the text is entered, press <ENTER> key. As a result, the list will be refreshed with all those records that contain the entered text fully or partially. In order to go back to the original list, remove the text from the box and press <ENTER> key again.

Tax Rates can be added, edited, deleted and viewed provided the Role associated with the currently logged-in user through User Management has the respective rights to do so.

To 'Add' a Tax Rate, click on the button and to 'Edit', click on the icon on its corresponding record. Click on the icon to delete a particular Tax Rate. You can NOT delete a Tax Rate if it has been included in a Rate Structure but you can deactivate it through Activate/De-Activate Master option in Administrator Tools Module.To view details of a particular Tax Rate, <DoubleClick> on that record. As a result, following screen will be displayed-

Screen Layout of Tax Rate Master - Entry

Field Description of Rate Master - Entry

Basic

Tax Rate Code:

(Type : Alphanumeric, Length : 5)

In case of 'Add', enter a unique Tax Rate Code. This is the Code by which a Tax Rate will be referred to throughout IMMS.

In case of 'Edit', and 'View', Tax Rate Code of the selected record will be displayed. You can NOT change it in 'Edit' mode.

Description:

(Type : Alphanumeric, Length : 60)

In case of 'Add', enter Description for the new Tax Rate Code.

In case of 'Edit', and 'View', Description of the selected Tax Rate Code will be displayed automatically. You can change it in 'Edit' mode.

Title:

(Type : Alphanumeric, Length : 10)

In case of 'Add', enter Title for the new Tax Rate Code.

In case of 'Edit', and 'View', Title of the selected Tax Rate Code will be displayed automatically. You can change it in 'Edit' mode.

What do you want to enter for this Tax Rate?:

In case of 'Add', click on the field to select either 'Value' from the list if you want to enter value for the Tax Rate or select 'Percentage' if you want to enter percentage for the Tax Rate.

In case of 'Edit', and 'View', the value of this field will be displayed automatically as per the selected Tax Rate Code. You can change it in 'Edit' mode.

Note that in case 'Select Tax Type' is selected as 'IGST'/'CGST'/'SGST'/'UGST' and 'Cess on GST', Tax Rate will be by default considered in 'Percentage' and can not be changed.

The % specified in Included in or Excluded from the Purchase Price:

In case of 'Add', click on the field to select either 'Excluded' or 'Included' to specify whether the percentage of tax should be excluded or included from the Purchase Price.

If the Tax is 'Inclusive', than its Tax Rate Amount will not be added to the Purchase Amount. And in case it is 'Exclusive', the Tax Rate Amount will be added to the Purchase Amount.

In case of 'Edit', and 'View', the value of this field will be displayed automatically as per the selected Tax Rate Code. You can change it in 'Edit' mode.

Note that in case 'Select Tax Type' is selected as 'IGST'/'CGST'/'SGST'/'UGST' and 'Cess on GST', the tax percentage will be by default considered as 'Excluded' and can not be changed.

Enter % of Tax Rate:

(Type : Numeric, Length : 2.3)

In case of 'Add', enter the Amount if you have selected 'Value' or enter Percentage value if you chose 'Percentage'. While creating a Purchase Order, this amount (percentage or value as the case may be) of tax is added in the Purchase Order Amount.

In addition to this, IMMS also provides the facility to change this tax amount so that the 'At Actual' tax amount can be considered during the creation of a Purchase Order. This at actual tax amount will be added in the PO Amount. But the amount can be entered only if the tax amount is of 'Value' type or tax amount is of 'Percentage' type but zero % has been entered for that Tax Rate.

In case of 'Edit', and 'View', the value of this field will be displayed automatically as per the selected Tax Rate Code. You can NOT change it in 'Edit' mode if the Tax Type is 'Excise', 'Cess', 'Higher Education Cess', 'VAT', 'Additional / Surcharge on VAT' or 'Service Tax'. For rest of the Tax Types, Tax Rate can be changed.

Currency Code:

In case of 'Add', click on the field to access a list of Currencies defined through Currency Master option in Administrator ToolsModule. Select your desired Currency from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Currency.

Please note that if the selected Tax Type is 'IGST', 'CGST', 'SGST', 'UGST' or 'Cess on GST', IMMS will NOT allow to select any foreign currency. Only domestic currency can be selected for GST taxes.

In case of 'Edit', and 'View', the Currency will be displayed automatically as per the selected Tax Rate Code. You can NOT change it in 'Edit' mode.

Select Tax Type:

In case of 'Add, declare the Type of Tax by clicking on the field and selecting the right option from the list.

Please note that if the selected Tax Type is 'IGST', 'CGST', 'SGST', 'UGST' or 'Cess on GST', IMMS will NOT allow to select any foreign currency. Only domestic currency can be selected for GST taxes.

In case of 'Edit', and 'View', the value of this field will be displayed automatically as per the selected Tax Rate Code. You can NOT change it in 'Edit' mode if the Tax Type is 'Excise', 'Cess / S.B Cess', 'Higher Education Cess/K.K Cess', 'VAT', 'Additional / Surcharge on VAT' or 'Service Tax'. For rest of the Tax Types, Type can be changed.

Want to calculate the amount of tax nearest to next?

Turn the option 'On' or 'Off' by clicking on it.

If the option is turned 'On', the Amount of Tax will be rounded off in the Purchase Order.

If the option is turned 'Off', the Amount of Tax will be NOT be rounded off and will remain same in the Purchase Order.

Want to allow change in Tax Value during initializing transactions?

Turn the option 'On' or 'Off' by clicking on it.

If the option is turned 'On', the user will be allowed to change the Value of Tax while generating Purchase Order.

If the option is turned 'Off', the user will NOT be allowed to change the Value of Tax while generating Purchase Order.

Account Group

Account Group:

Click on the field to access a list of already defined Account Groups through Finance Module. Select your desired Account Group from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Group.

Account Code:

Click on the field to access a list of already defined Accounts or the selected Account Group through Finance Module. Select your desired Account from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Account.

Effect in Sales:

Click on the field to select 'Postable' from the list if the effects of Tax Rate should be posted in Sales. Select 'Not Postable' if the effects of Tax Rate should not be posted in Sales.

Note that in case of 'IGST'/'CGST'/'SGST'/'UGST' and 'Cess on GST', Effect in Sales will be by default considered as 'Postable' and can not be changed.

Effect in Purchase:

Click on the field to select 'Postable' from the list if the effects of Tax Rate should be posted in Purchase. Select 'Not Postable' if the effects of Tax Rate should not be posted in Purchase.

Note that in case of 'IGST'/'CGST'/'SGST'/'UGST' and 'Cess on GST', Effect in Purchase will be by default considered as 'Postable' and can not be changed.

Is any Form attached to this Tax Rate?:

Turn the option 'On' by clicking on it if any form is attached to the Tax Rate other wise keep it 'Off'.

Form Name:

(Type : Alphanumeric, Length : 20)

Enter the Name of the Form attached to the Tax Rate.

Is the form to be given in Purchase?

Turn the option 'On' by clicking on it if the above mentioned form has to be given in Purchase other wise keep it 'Off'.

Note that in case of 'IGST'/'CGST'/'SGST'/'UGST' and 'Cess on GST', the form will not be taken in Purchase and so 'No' will be selected automatically and can not be changed.

Is the form to be taken in Sales?

Turn the option 'On' by clicking on it if the above mentioned form has to be taken in Sales other wise keep it 'Off'.

Note that in case of 'IGST'/'CGST'/'SGST'/'UGST' and 'Cess on GST', the form will not be taken in Sales and so 'No' will be selected automatically and can not be changed.

New Account Definition to Post Changed Tax Amount While Bill Passing

IMMS allows to post the Postable Tax Amount at the time of Bill Passing to a particular control Account instead of 'Rate Difference Account' by linking that Postable Tax with the new Account.

But this is a flag driven facility which is available only when the flag 'Transfer Postable Tax Amount in New Account with changed Amount at the time of Bill Passing ?' is selected as 'On' through Finance Policy option of Administrator Tools Module.

Please note that this section will be visible ONLY when -

the flag 'Transfer Postable Tax Amount in New Account with changed Amount at the time of Bill Passing ?' is selected as 'On' through Finance Policy option of Administrator Tools Module
the Tax Rate is 'Postable' for Purchase ('Effect in Purchase' field is selected as 'Postable')

Account Group:

Denotes the new Account Group that has to be linked with the Postable Tax Rate Code.

While 'Adding' a new Tax Rate Code, click on the field to access a list of already defined Account Groups through Finance Module. Select your desired Account Group from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Group .

In case of 'Edit', and 'View', Account Group will be displayed automatically as per the selected Tax Rate Code. You can change it in 'Edit' mode.

Account Code:

Denotes the new Account that has to be linked with the Postable Tax Rate Code. This is the Account to which the Postable Tax Amount will be posted at the time of passing Bill through Bill Passing Entry option of Finance Module.

While 'Adding' a new Tax Rate Code, click on the field to access a list of already defined Accounts or the selected Account Group through Finance Module. Select your desired Account from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Account.

In case of 'Edit', and 'View', Account Code will be displayed automatically as per the selected Tax Rate Code. You can change it in 'Edit' mode.

Once you have entered all the information, click on 'Save' button to save or 'Cancel' button to discard. The control will go back to the list.