5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpw...
5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpw...
5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpw...
5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpw...
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Ace 8-changes-in-service tax

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Ace 8-changes-in-service tax

  1. 1. 5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpwww_coralindia_comdocumentation_shtml/Docume… 1/4  Chapter  2Additional  changes  in  ACE  8.0  relating  to  Service  Tax  1.  COMPANY  SETTINGS        a.  Tax  Settings-­ServiceTax         GeneralSettingOld  Service  taxRegn  no.Old  regn  no,  which  is  not  PANbased,  clerks  require  it  to  fetch  filein  the  department.       Service  TaxRegn  no.  [STPCode]15  digit  PAN  based  regn  no.  <10digit  PAN>  +  ST001       Service  TaxLocation  Code6  digit  range  code,  2+2+2,commissionerate+division+range,  2digits  each       Comissionerate Name  of  comissionerate       Common  inputsservicesService  tax  credit  of  Input  Servicesis  allowed  just  like  cenvat  credit  incentral  excise.  Like  commoninputs,  there  might  be  inputservices,  which  are  used  to  renderboth  taxable  services  as  well  asnon-­taxable  services.  E.g,  in  aCAs  office,  telephone  expensesare  common  input  services,because  a  telephone  is  used  torender  Auditing  services  (taxable)as  well  as  tax  consultancyservices  (exempted).     A/c  of  ServiceTaxService  TaxCredit  a/cAccount  of  service  tax  creditobtained,  like  RG23A  Part  II         Service  Tax  PLAa/cService  tax  PLA  a/c  (not  requiredlegally,  may  be  ignored,  introducedfor  future  requirement)       Service  TaxPayable  a/cService  tax  payable  a/c,  likeCenvat  Payable  a/c       A/c  ofE.CESS[ST]E.CESS  TaxCredit  a/cAccount  of  E.Cess  (on  servicetax)  credit  obtained,  like  RG23APart  II         E.CESS  TaxPLA  a/cE.Cess  a/c  (not  required  legally,may  be  ignored,  introduced  forfuture  requirement)       E.CESS  TaxPayable  a/cE.Cess  payable  a/c     Other  A/cs[ST]Interest  [ST]PLA  a/cInterest  PLA  a/c  (not  requiredlegally,  may  be  ignored)         Misc  [ST]  PLAa/cMisc  PLA  a/c  (not  required  legally,may  be  ignored)  b.  TaxSettings-­Excise     Just  to  maintain  furthercomptabality  of  ACE  with  X-­ise  &Service  Tax  together  -­  ACE9    2.  MASTER    a.  Subledger  -­  Service  Products       ServiceProductConcept  of  two  more  types  ofproducts  has  been  introduced  in
  2. 2. 5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpwww_coralindia_comdocumentation_shtml/Docume… 2/4ProductNameproducts  has  been  introduced  inAce  8,  apart  from  stock  productcurrently  available.  These  are:Non-­Stock  product  and  Serviceproduct,  for  which  no  stockregister  will  be  maintained.  Manyof  the  information  of  a  regularproducts  such  as  UOM,  re-­orderlevels,  etc.  have  been  removed.     Alias  Name   Groupb.  Subledger  -­  ServiceCategoryCategoryCodeLike,  CETSH  in  excise,  ServiceTax  Category  is  used  forclassifying  various  types  ofservices.  Service  tax  structurevaries  for  different  service  taxcategories.     Service     Tag  Box  c.  Tax  Comptn.  Setup  -­Inward  -­  Transaction  LevelPurchaseDocumentsProduct  level  terms  (PLT),  like  inX-­ise,  have  been  introduced  inAce  8  also.  All  PLT  flavours  of  X-­ise  are  available,  in  addition  fewmore  have  been  provided.     Party  GroupProduct  ServCategory-­wise   Party  Group-­wise  ServCategory-­wise       ProductGroup  ServCategory-­wise   ServCategory-­wise     Cash/BankPaymentPLT  has  also  been  introduced  inCB  &  other  non-­stock  modulessince  the  incidence  of  service  taxis  on  cash  basis.   Debit  Journal   Credit  NoteCreditors     Debit  NoteCreditors  d.  Tax  Comptn.  Setup  -­Outward  -­  Transaction  Level  SaleDocuments     Party  GroupProduct  ServCategory-­wise     Party  Group-­wise  ServCategory-­wise     ProductGroup  ServCategory-­wise     ServCategory-­wise     Cash/BankReceipt       Credit  
  3. 3. 5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpwww_coralindia_comdocumentation_shtml/Docume… 3/4Journal   Credit  NoteDebtors     Debit  NoteDebtors  3.  ENTRYa.  Cash/Bank  Vouchers  –flavoursNormal Different  flavours  of  cash  /  bank  &other  entry  modules  have  beenintroduced  so  as  to  correctlycapture  different  statutorytransaction  and  interpret  its  legalimplication  on  different  registersand  returns.   Service  Bill  -­Payment     Service  Bill  -­Receipt     PLAPayments[ST]     PLAPayments[ED]  b.  New  fields  (in  CB) Service  TaxProvider     Service  TaxBill     Service  TaxBill  Date  c.  Journal  Vouchers  -­  flavours Normal     Service  Tax     CENVATUtilise  [ED]     CENVATUtilise  [ST]  d.  Purchase  -­  Bill  -­  flavours  -­billingNormal  Normal  commercial  invoices.     ExciseManufacturerIgnore,  meant  for  forthcoming  ACE9.0   ExciseRegisteredDealer   Service  TaxProvider  e.  Purchase  -­  Bill  -­  flavours  -­productStock Only  normal  stock-­items  to  beconsidered  for  billing.   Service Only  service  products  to  beconsidered  for  billing,  e.g.  JobWorking  charges.  f.Sale  -­  Bill  -­  flavours  -­  billing Normal Normal  commercial  invoices.   ExciseManufacturerIgnore,  meant  for  forthcoming  ACE9.0         ExciseRedisteredDealer   ServiceProviderMeant  for  invoicing  of  outputservices.   Input Meant  for  invoicing  of  an  Input
  4. 4. 5/20/13 Service Taxfile://localhost/Users/Zoy/My Projects/N+Hance_Digital/Digital_projects/On-Progress/Coral-Website/httpwww_coralindia_comdocumentation_shtml/Docume… 4/4ServiceDistributorService  Distributor.  g.  Sale-­Bill-­flavours  -­    product Stock Only  normal  stock-­items  to  beconsidered  for  billing.   Service Only  service  products  to  beconsidered  for  billing,  e.g.  AuditFees.      

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