This document provides an overview of Indian taxes, sales processes, and CENVAT concepts relevant for SAP localization in India. It discusses direct and indirect taxes in India, including excise duties and sales taxes. It describes different sales processes like sales from factories, stock transfers, sales from depots, and exports. It explains the CENVAT concept of availing credit for taxes paid on inputs against taxes payable on final products. It also discusses when and how much CENVAT credit can be taken under various circumstances according to CENVAT rules.
This document provides an overview of Indian taxes, including direct and indirect taxes. It discusses excise duties in detail, explaining the key differences between excise duty and sales tax. Excise duty is levied on manufacturing, while sales tax is levied only when a sale occurs. The document also covers CENVAT (Central Value Added Tax) rules and how CENVAT credit can be availed and utilized in India. It discusses the tax procedures in SAP for availing CENVAT credit and maintaining excise registers for India localization.
The document discusses India localization with respect to SAP, including an introduction to Indian taxes, CENVAT concepts, tax procedures, registers, and configurations needed in SAP. It covers the Indian tax structure of direct and indirect taxes, types of excise duties, CENVAT rules, and how CENVAT credit is availed. It also discusses sales processes, tax procedures, excise registers, and transactions codes relevant for India localization in SAP.
CIN configuration in SAP refers to country-specific excise duty settings for India. It includes maintaining excise registration IDs, excise groups, plant settings, and company code settings related to excise invoices, CENVAT credits, and accounting. Excise groups allow separate excise registers and accounts to be maintained for different parts of a business. Plant and company code settings control excise invoice generation and accounting at different sites.
This document provides an overview of India localization with respect to SAP SD (Sales and Distribution) module. It discusses key topics like Indian tax structure, CENVAT concept, different sales processes, excise registers, tax procedures and configurations required in SAP for India localization. The sales processes covered include sales from factory, stock transfers, sales from depot, exports and more. It also explains concepts like excise duty types, CENVAT rules and credit availability.
This document provides an overview of India's legal requirements for localization, including excise (CENVAT), VAT/LST/CST, service tax, and CENVAT credit. It discusses key aspects of each tax type such as applicable rates, payment due dates, eligibility criteria, and credit mechanisms. The document also compares CENVAT and VAT systems and outlines considerations for various tax compliance areas like duty calculation, export/import of services, and CENVAT credit on input services.
CIN is used to calculate excise duty and VAT for sales and purchases based on industry requirements. It involves configurations across the FI, MM, and SD modules including maintaining master data like chapter IDs, customer and vendor excise details, and material-chapter combinations. The sales process is enhanced to calculate excise duty for various sales scenarios like sales from factory, depot, stock transfers, and returns. Pricing procedures need to be configured and condition techniques copied for the different excise duty types. Various scenarios and documents need to be reviewed and configurations set through IMG and checking with transaction code J1iLn.
TO ENLIGHTEN THE PARTICIPANTS ON COUNTRY VERSION INDIA (CIN) AND THE VARIOUS REQUIREMENTS WHICH ARE TO BE COMPLETED UNDER THE INDIAN STATUTE. HOW CIN INTERFACES WITH SAP SD, MM AND FI PROCESSES AND MEETS THE REPORT REQUIREMENTS .
1. The document discusses excise duty configurations and settings in SAP for Indian tax procedures. It covers maintaining excise registrations, registration IDs, plant and company code settings related to excise.
2. It also discusses defining excise groups, series groups, tax calculation procedures, and defaults. Condition-based and formula-based excise determination techniques are covered.
3. Maintaining excise duty indicators, registration numbers, and other excise related data is also summarized.
This document provides an overview of Indian taxes, including direct and indirect taxes. It discusses excise duties in detail, explaining the key differences between excise duty and sales tax. Excise duty is levied on manufacturing, while sales tax is levied only when a sale occurs. The document also covers CENVAT (Central Value Added Tax) rules and how CENVAT credit can be availed and utilized in India. It discusses the tax procedures in SAP for availing CENVAT credit and maintaining excise registers for India localization.
The document discusses India localization with respect to SAP, including an introduction to Indian taxes, CENVAT concepts, tax procedures, registers, and configurations needed in SAP. It covers the Indian tax structure of direct and indirect taxes, types of excise duties, CENVAT rules, and how CENVAT credit is availed. It also discusses sales processes, tax procedures, excise registers, and transactions codes relevant for India localization in SAP.
CIN configuration in SAP refers to country-specific excise duty settings for India. It includes maintaining excise registration IDs, excise groups, plant settings, and company code settings related to excise invoices, CENVAT credits, and accounting. Excise groups allow separate excise registers and accounts to be maintained for different parts of a business. Plant and company code settings control excise invoice generation and accounting at different sites.
This document provides an overview of India localization with respect to SAP SD (Sales and Distribution) module. It discusses key topics like Indian tax structure, CENVAT concept, different sales processes, excise registers, tax procedures and configurations required in SAP for India localization. The sales processes covered include sales from factory, stock transfers, sales from depot, exports and more. It also explains concepts like excise duty types, CENVAT rules and credit availability.
This document provides an overview of India's legal requirements for localization, including excise (CENVAT), VAT/LST/CST, service tax, and CENVAT credit. It discusses key aspects of each tax type such as applicable rates, payment due dates, eligibility criteria, and credit mechanisms. The document also compares CENVAT and VAT systems and outlines considerations for various tax compliance areas like duty calculation, export/import of services, and CENVAT credit on input services.
CIN is used to calculate excise duty and VAT for sales and purchases based on industry requirements. It involves configurations across the FI, MM, and SD modules including maintaining master data like chapter IDs, customer and vendor excise details, and material-chapter combinations. The sales process is enhanced to calculate excise duty for various sales scenarios like sales from factory, depot, stock transfers, and returns. Pricing procedures need to be configured and condition techniques copied for the different excise duty types. Various scenarios and documents need to be reviewed and configurations set through IMG and checking with transaction code J1iLn.
TO ENLIGHTEN THE PARTICIPANTS ON COUNTRY VERSION INDIA (CIN) AND THE VARIOUS REQUIREMENTS WHICH ARE TO BE COMPLETED UNDER THE INDIAN STATUTE. HOW CIN INTERFACES WITH SAP SD, MM AND FI PROCESSES AND MEETS THE REPORT REQUIREMENTS .
1. The document discusses excise duty configurations and settings in SAP for Indian tax procedures. It covers maintaining excise registrations, registration IDs, plant and company code settings related to excise.
2. It also discusses defining excise groups, series groups, tax calculation procedures, and defaults. Condition-based and formula-based excise determination techniques are covered.
3. Maintaining excise duty indicators, registration numbers, and other excise related data is also summarized.
This document provides an overview of excise processes and registers in SAP for Indian excise law. It covers master data setup, procurement and sales processes involving excise duty, key excise registers like RG23A, RG23C and RG1, and reports for monthly returns and tracking unavailed CENVAT credits. Standard SAP transactions are demonstrated for activities like goods receipt, invoice capture, CENVAT posting, register updates and prints.
The document is a handbook for SAP taxation in India that covers:
1) The configuration of tax procedures in SAP like TAXINN and TAXINJ and defining tax codes, condition types, and tax accounts.
2) The Indian localisation coverage in SAP which includes taxes like VAT, excise duty, service tax, and TDS.
3) An overview of the CIN (Country Version India) interface with SAP modules like SD, MM, and FI and how it meets Indian reporting requirements.
This document provides an overview and agenda for a presentation on Country Version India (CIN) and its interfaces with SAP modules. It will cover the background of CIN, how it interfaces with SAP SD, MM, and FI processes. It will also cover Indian localisation coverage for taxes, duties, and reports in areas like procurement, sales, finance. The objective is to provide participants a basic understanding of CIN requirements and interfaces with SAP.
This document summarizes the key depot activities in the SAP ERP system for manufacturing (PP) processes, including goods receipt of stock transferred material, excise duty capture, depot excise invoice generation, displaying depot stock balances, extracting the RG23D register, and printing the RG23D register. It provides an overview of the purpose, master data, primary steps, and transaction codes for each major depot activity.
This document provides steps for customizing tax calculation procedures in SAP for India. It discusses setting up condition types, defining tax codes, assigning tax procedures and codes to company codes, and maintaining excise defaults. The tax calculation procedure TAXINN allows for either formula-based or condition-based excise determination. Key areas that must be configured include access sequences, account keys, and assigning the TAXINN procedure and country India.
This document provides instructions for configuring VAT in SAP for an organization called TAXINN. It involves 12 steps to configure the customer master, define new condition types, define accounts, include tables, change pricing procedures, create new document types, number ranges, and billing types. It also provides 8 steps for MM configuration, including creating condition types, transaction keys, defining accounts, and changing tax procedures. Finally, it discusses customizing related to migrating from business place to section code for extended withholding tax in SAP.
This document provides instructions for configuring Service Tax and Education Cess tax conditions and accounts in SAP for reporting in India. Key steps include:
1. Creating new tax conditions for Service Tax and Education Cess
2. Defining new tax posting keys for Service Tax and Education Cess accounts
3. Configuring tax codes, procedures, and pricing to calculate Service Tax and Education Cess amounts and post to the correct general ledger accounts.
Central excise duty is levied on goods manufactured in India under the Central Excise Act of 1944. Four conditions must be met for excise duty to apply: 1) goods must be movable and marketable, 2) goods must be listed as excisable in the Central Excise Tariff Act of 1985, 3) goods must be manufactured in India, and 4) manufacture must involve production or deemed production activities. Excise duty is calculated based on the excise rate and assessable value/quantity of goods. Liability for payment arises upon manufacture but is collected upon removal of goods. Payment is typically made monthly along with a CENVAT credit for prior duty paid on inputs.
The document discusses the eligibility and conditions for claiming input tax credit under the GST Acts. Some key points:
- Input tax includes IGST, CGST, SGST charged on supplies of goods/services to a registered person. It excludes tax paid under a composition scheme.
- A registered person is eligible for input tax credit for inputs used in furtherance of business, provided the invoice/debit note and tax charged is valid.
- Special rules apply for claiming credit on capital goods and in situations like change in registration status.
- Certain items like motor vehicles and goods for personal use are blocked and credit cannot be claimed.
Central excise duty is levied on goods manufactured in India that are included in the Central Excise Tariff Act. The duty is calculated based on the excise rate and assessable value/quantity of goods. Manufacturers can claim a CENVAT credit for the duty paid on inputs to offset their excise duty liability. In Tally, manufacturers must register excise units, create stock items and voucher types, and pass vouchers for purchases, manufacturing, sales, CENVAT adjustments, and duty payments to comply with excise requirements.
- Input tax credit (ITC) allows registered dealers to claim credit for taxes paid on inputs used for manufacturing or selling goods.
- There are various restrictions and conditions for claiming ITC, including only being able to claim it for goods/services purchased from registered dealers, restrictions on certain capital goods, automobiles, and exempted goods.
- Detailed records including tax invoices must be maintained to substantiate ITC claims which are subject to review and reversal by assessing authorities.
This document defines key terms related to input credit for VAT, excise duty, and service tax. It discusses how input credit can be availed for these taxes by manufacturers, importers, and first/second stage dealers based on statutory documents. Input credit for capital goods can be availed 50% in the current year and 50% in the next year for excise duty, but 100% in the current year for other duties and VAT. Service tax input credit is allowed based on input services involved in manufacturing or service provision. The document also covers identification of capital goods, cases of potential confusion in availing input credit, and penalties for wrongly availing input credit.
Birds Eye View of Central Excise & CusotmsHiregange
This document discusses key aspects of central excise laws and procedures in India. It outlines the main acts and rules that govern central excise, including the Central Excise Act, Central Excise Tariff Act, and Central Excise Rules. It also describes the types of duties that can be levied, such as basic excise duty, special excise duty, and cess. Furthermore, it explains some of the key steps in determining the excisability of a product and the procedures for valuation, classification, and removal of goods for excise purposes.
What is VAT ?
What is covered under VAT ?
At what rate to charge for which Items ?
When to charge ?
When to pay ?
What happens to sales returns and Bad Debts ?
What records to keep and how long to keep ?
When, how and with what information to file returns ?
What are the penalties for non-compliance ?
The document discusses various aspects of indirect taxation in India, including:
1. The general rate of central excise duty on non-petroleum products has increased from 10% to 12%. Education cess and other duties are also imposed.
2. The taxable event for central excise duty is the manufacture or production of excisable goods in India, not their removal from factory.
3. Central excise duty can be collected via either physical control procedure (for cigarettes) or self-removal procedure (for other goods). Under self-removal, the assessee determines duty liability and clears goods.
4. Examples are provided to illustrate calculation of assessable value and duty payable under different
Central Excise is an indirect tax levied on goods manufactured in India. It is paid by the manufacturer and passed on to the customers. The key objectives of the Central Excise Act are to collect excise duties conveniently and control tax evasion. Excise duty is levied when the manufacturing process is complete and the rate of duty depends on the goods' classification and value on the date of removal from the factory. The duty is assessed on the transaction value if the goods are sold at the time and place of removal and the buyer and seller are not related.
This document provides an overview and summary of key points regarding taxation in India.
1. It outlines central excise duty, service tax, and CENVAT credit rules - including applicability, rates, documentation required, and exceptions.
2. Sales tax/VAT is discussed, including in-transit sales rules requiring purchase/sale documentation and declarations. Input tax credit and compliance procedures are summarized.
3. Other queries on sales tax topics like input tax credit requirements and reversals are briefly mentioned.
B.com(hons) indirect tax - central excise notesPawan Sehrawat
Central excise duty is levied on goods manufactured in India. The key points are:
1. Excise duty is governed by the Central Excise Act 1994 and is normally paid by the manufacturer at the time goods are removed from the factory.
2. Excise duty can be a basic rate of 16% or a special additional duty specified for certain goods. Duty is determined based on the transaction value or MRP of goods.
3. Manufacture is defined broadly and includes any process that produces a marketable good. The taxable event is manufacture of excisable goods in India.
The document provides information about the Electronic Hardware Technology Park (EHTP) Scheme in India. The key points are:
1. The EHTP Scheme allows companies to set up manufacturing units to produce electronic hardware and components for export. It offers benefits like duty exemptions, tax holidays, foreign investment permissions, and single window clearances.
2. Companies can import capital goods and raw materials duty-free under the scheme. They also get excise duty exemption on indigenous procurement and sales in the domestic market are permitted up to 50% of export earnings.
3. To register under the scheme, companies need to submit an application along with a project report. If approved, they enter a legal agreement,
Direct and indirect taxes are discussed. Direct tax is paid directly to the government, like income tax, while indirect tax is paid indirectly, like excise duty which manufacturers pay to the government. Central excise duty is levied under the Central Excise Act on goods that are movable, marketable, and included in the tariff list if manufactured in India. The document outlines what is included in excise acts, the taxable event of manufacture, applicable rates, and assessable value which is the transaction value on which duty is paid. Key terms like CENVAT credit and excisable goods are also defined.
This document outlines the excise utilization business process. It involves apportioning excise duty payables between available input credit registers (RG23A, RG23C, and PLA) and paying any remaining balance via a TR6 challan. If the available balances are insufficient, the payable amount is apportioned between the registers. An accounting document is generated and registers are updated based on the apportionment. A cheque and TR6 challan are then prepared in the financial system to pay the excise authorities, updating the PLA register and completing the process.
Service taxes india and SAP Configuration (TAXINN)Irfan Shokat
This document describes the SAP configuration required to calculate service taxes in India including service tax, education cess, and secondary education cess. The key steps are:
1. Create new condition types for the taxes and maintain tax procedure TAXINN to use the new types.
2. Create account determination procedures and assign G/L accounts for the taxes.
3. Maintain tax rates for the new condition types by linking them to the existing "ST" tax code in FV11.
4. Create a new "S1" tax code to select on invoices so postings show only the "ST" code as configured in FV11.
This allows invoices to correctly calculate total taxes
This document provides an overview of excise processes and registers in SAP for Indian excise law. It covers master data setup, procurement and sales processes involving excise duty, key excise registers like RG23A, RG23C and RG1, and reports for monthly returns and tracking unavailed CENVAT credits. Standard SAP transactions are demonstrated for activities like goods receipt, invoice capture, CENVAT posting, register updates and prints.
The document is a handbook for SAP taxation in India that covers:
1) The configuration of tax procedures in SAP like TAXINN and TAXINJ and defining tax codes, condition types, and tax accounts.
2) The Indian localisation coverage in SAP which includes taxes like VAT, excise duty, service tax, and TDS.
3) An overview of the CIN (Country Version India) interface with SAP modules like SD, MM, and FI and how it meets Indian reporting requirements.
This document provides an overview and agenda for a presentation on Country Version India (CIN) and its interfaces with SAP modules. It will cover the background of CIN, how it interfaces with SAP SD, MM, and FI processes. It will also cover Indian localisation coverage for taxes, duties, and reports in areas like procurement, sales, finance. The objective is to provide participants a basic understanding of CIN requirements and interfaces with SAP.
This document summarizes the key depot activities in the SAP ERP system for manufacturing (PP) processes, including goods receipt of stock transferred material, excise duty capture, depot excise invoice generation, displaying depot stock balances, extracting the RG23D register, and printing the RG23D register. It provides an overview of the purpose, master data, primary steps, and transaction codes for each major depot activity.
This document provides steps for customizing tax calculation procedures in SAP for India. It discusses setting up condition types, defining tax codes, assigning tax procedures and codes to company codes, and maintaining excise defaults. The tax calculation procedure TAXINN allows for either formula-based or condition-based excise determination. Key areas that must be configured include access sequences, account keys, and assigning the TAXINN procedure and country India.
This document provides instructions for configuring VAT in SAP for an organization called TAXINN. It involves 12 steps to configure the customer master, define new condition types, define accounts, include tables, change pricing procedures, create new document types, number ranges, and billing types. It also provides 8 steps for MM configuration, including creating condition types, transaction keys, defining accounts, and changing tax procedures. Finally, it discusses customizing related to migrating from business place to section code for extended withholding tax in SAP.
This document provides instructions for configuring Service Tax and Education Cess tax conditions and accounts in SAP for reporting in India. Key steps include:
1. Creating new tax conditions for Service Tax and Education Cess
2. Defining new tax posting keys for Service Tax and Education Cess accounts
3. Configuring tax codes, procedures, and pricing to calculate Service Tax and Education Cess amounts and post to the correct general ledger accounts.
Central excise duty is levied on goods manufactured in India under the Central Excise Act of 1944. Four conditions must be met for excise duty to apply: 1) goods must be movable and marketable, 2) goods must be listed as excisable in the Central Excise Tariff Act of 1985, 3) goods must be manufactured in India, and 4) manufacture must involve production or deemed production activities. Excise duty is calculated based on the excise rate and assessable value/quantity of goods. Liability for payment arises upon manufacture but is collected upon removal of goods. Payment is typically made monthly along with a CENVAT credit for prior duty paid on inputs.
The document discusses the eligibility and conditions for claiming input tax credit under the GST Acts. Some key points:
- Input tax includes IGST, CGST, SGST charged on supplies of goods/services to a registered person. It excludes tax paid under a composition scheme.
- A registered person is eligible for input tax credit for inputs used in furtherance of business, provided the invoice/debit note and tax charged is valid.
- Special rules apply for claiming credit on capital goods and in situations like change in registration status.
- Certain items like motor vehicles and goods for personal use are blocked and credit cannot be claimed.
Central excise duty is levied on goods manufactured in India that are included in the Central Excise Tariff Act. The duty is calculated based on the excise rate and assessable value/quantity of goods. Manufacturers can claim a CENVAT credit for the duty paid on inputs to offset their excise duty liability. In Tally, manufacturers must register excise units, create stock items and voucher types, and pass vouchers for purchases, manufacturing, sales, CENVAT adjustments, and duty payments to comply with excise requirements.
- Input tax credit (ITC) allows registered dealers to claim credit for taxes paid on inputs used for manufacturing or selling goods.
- There are various restrictions and conditions for claiming ITC, including only being able to claim it for goods/services purchased from registered dealers, restrictions on certain capital goods, automobiles, and exempted goods.
- Detailed records including tax invoices must be maintained to substantiate ITC claims which are subject to review and reversal by assessing authorities.
This document defines key terms related to input credit for VAT, excise duty, and service tax. It discusses how input credit can be availed for these taxes by manufacturers, importers, and first/second stage dealers based on statutory documents. Input credit for capital goods can be availed 50% in the current year and 50% in the next year for excise duty, but 100% in the current year for other duties and VAT. Service tax input credit is allowed based on input services involved in manufacturing or service provision. The document also covers identification of capital goods, cases of potential confusion in availing input credit, and penalties for wrongly availing input credit.
Birds Eye View of Central Excise & CusotmsHiregange
This document discusses key aspects of central excise laws and procedures in India. It outlines the main acts and rules that govern central excise, including the Central Excise Act, Central Excise Tariff Act, and Central Excise Rules. It also describes the types of duties that can be levied, such as basic excise duty, special excise duty, and cess. Furthermore, it explains some of the key steps in determining the excisability of a product and the procedures for valuation, classification, and removal of goods for excise purposes.
What is VAT ?
What is covered under VAT ?
At what rate to charge for which Items ?
When to charge ?
When to pay ?
What happens to sales returns and Bad Debts ?
What records to keep and how long to keep ?
When, how and with what information to file returns ?
What are the penalties for non-compliance ?
The document discusses various aspects of indirect taxation in India, including:
1. The general rate of central excise duty on non-petroleum products has increased from 10% to 12%. Education cess and other duties are also imposed.
2. The taxable event for central excise duty is the manufacture or production of excisable goods in India, not their removal from factory.
3. Central excise duty can be collected via either physical control procedure (for cigarettes) or self-removal procedure (for other goods). Under self-removal, the assessee determines duty liability and clears goods.
4. Examples are provided to illustrate calculation of assessable value and duty payable under different
Central Excise is an indirect tax levied on goods manufactured in India. It is paid by the manufacturer and passed on to the customers. The key objectives of the Central Excise Act are to collect excise duties conveniently and control tax evasion. Excise duty is levied when the manufacturing process is complete and the rate of duty depends on the goods' classification and value on the date of removal from the factory. The duty is assessed on the transaction value if the goods are sold at the time and place of removal and the buyer and seller are not related.
This document provides an overview and summary of key points regarding taxation in India.
1. It outlines central excise duty, service tax, and CENVAT credit rules - including applicability, rates, documentation required, and exceptions.
2. Sales tax/VAT is discussed, including in-transit sales rules requiring purchase/sale documentation and declarations. Input tax credit and compliance procedures are summarized.
3. Other queries on sales tax topics like input tax credit requirements and reversals are briefly mentioned.
B.com(hons) indirect tax - central excise notesPawan Sehrawat
Central excise duty is levied on goods manufactured in India. The key points are:
1. Excise duty is governed by the Central Excise Act 1994 and is normally paid by the manufacturer at the time goods are removed from the factory.
2. Excise duty can be a basic rate of 16% or a special additional duty specified for certain goods. Duty is determined based on the transaction value or MRP of goods.
3. Manufacture is defined broadly and includes any process that produces a marketable good. The taxable event is manufacture of excisable goods in India.
The document provides information about the Electronic Hardware Technology Park (EHTP) Scheme in India. The key points are:
1. The EHTP Scheme allows companies to set up manufacturing units to produce electronic hardware and components for export. It offers benefits like duty exemptions, tax holidays, foreign investment permissions, and single window clearances.
2. Companies can import capital goods and raw materials duty-free under the scheme. They also get excise duty exemption on indigenous procurement and sales in the domestic market are permitted up to 50% of export earnings.
3. To register under the scheme, companies need to submit an application along with a project report. If approved, they enter a legal agreement,
Direct and indirect taxes are discussed. Direct tax is paid directly to the government, like income tax, while indirect tax is paid indirectly, like excise duty which manufacturers pay to the government. Central excise duty is levied under the Central Excise Act on goods that are movable, marketable, and included in the tariff list if manufactured in India. The document outlines what is included in excise acts, the taxable event of manufacture, applicable rates, and assessable value which is the transaction value on which duty is paid. Key terms like CENVAT credit and excisable goods are also defined.
This document outlines the excise utilization business process. It involves apportioning excise duty payables between available input credit registers (RG23A, RG23C, and PLA) and paying any remaining balance via a TR6 challan. If the available balances are insufficient, the payable amount is apportioned between the registers. An accounting document is generated and registers are updated based on the apportionment. A cheque and TR6 challan are then prepared in the financial system to pay the excise authorities, updating the PLA register and completing the process.
Service taxes india and SAP Configuration (TAXINN)Irfan Shokat
This document describes the SAP configuration required to calculate service taxes in India including service tax, education cess, and secondary education cess. The key steps are:
1. Create new condition types for the taxes and maintain tax procedure TAXINN to use the new types.
2. Create account determination procedures and assign G/L accounts for the taxes.
3. Maintain tax rates for the new condition types by linking them to the existing "ST" tax code in FV11.
4. Create a new "S1" tax code to select on invoices so postings show only the "ST" code as configured in FV11.
This allows invoices to correctly calculate total taxes
The document discusses SAP's solution approach for implementing the Goods and Services Tax (GST) in India. It outlines the key areas that will be impacted including tax configuration, master data maintenance, business processes, and reporting. The proposed solutions involve enhancements to tax registration, accounts, document numbering, billing and purchasing documents, tax postings, utilization, and registers. Pre-requisites for the solution include using the TAXINN tax procedure and a minimum support pack level.
The document provides an overview of service tax provisions in India including key sections and rules. It summarizes the old and new charging provisions under sections 66 and 66B. It explains the concept of negative list and lists various services excluded from service tax. It also describes declared services covered under service tax. Finally, it discusses the need for and overview of place of provision of services rules for determining where a service is provided in the taxable territory of India for service tax purposes.
This document provides an overview of Cenvat credit in India. Some key points:
- Cenvat credit allows manufacturers and service providers to claim a credit for excise duties and service taxes paid on inputs. This avoids cascading of taxes.
- Credit can be claimed for duties paid on inputs, capital goods, and input services. The credit is maintained in a common pool and can be used to pay duties on final products or services.
- To claim credit, valid duty payment documents like invoices must be held. Credit can be distributed through mechanisms like input service distributors.
- Only inputs and capital goods directly used for manufacturing taxable final products or providing taxable services are eligible for credit
To Be Presentation -SAP Sales and distributionamlansarkar
The document discusses the SAP R/3 implementation for the sales and distribution module at Indian Rayon. It covers the organization structure, master data to be maintained including customer, material, pricing and credit masters. It describes the various sales processes like standard sales, export sales, deemed export, FOC sales, third party sales and returnable packaging. It also discusses transportation management, outputs, change management points and identified gaps in the existing system.
Questions and answers on customs act from the different chapterssantoshkumarp83
This document provides definitions and explanations of key terms under the Customs Act of India such as imported goods, dutiable goods, coastal goods, and prohibited goods. It also defines Indian Customs Waters and explains their significance for customs purposes. Additionally, it discusses methods of customs valuation such as transaction value, identical goods, similar goods, and deductive value. Various types of customs bonds and bills of entry are also outlined along with the EDI electronic assessment system.
CENVAT is an input duty credit scheme designed to reimburse manufacturers for duties paid on inputs. It prevents cascading of duties on final products. CENVAT covers most inputs and capital goods, and applies across India except Jammu and Kashmir. Under CENVAT, manufacturers can claim credit for eligible duties paid when clearing final products. The CENVAT Credit Rules outline provisions for availing, transferring, and recovering credit, as well as penalties for non-compliance.
This document provides instructions for configuring taxation settings for India in SAP, including:
1) Activating business transaction events for India functions
2) Checking the assignment of SAP function modules for publish/subscribe events
3) Configuring tax procedures, tax codes, company code settings, and other basic taxation settings
4) Setting up excise duty determination, transactions for incoming and outgoing excise invoices, exports, and deemed exports
5) Configuring extended withholding tax including basic settings, calculation setup, company code assignment, and number ranges
6) Maintaining master data like chapter IDs, CIN details for vendors/customers, and excise indicators
7) Uploading opening balances for various
The slides provide information on the new GST Tax Regime,and how to implement GST in SAP. It provides information on the tax structure and the challenges organization will face during Implementation.
For more information please visit www.salienterp.com or email at info@salienterp.com
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
How to do Excise Accounting for Manufacturers in Tally.ERP 9Shailendra Yadav
This tally presentation is a Apni Tally tutorial about How to do excise accounting for Manufacturers in Indian Accounting software Tally.ERP 9. Visit www.apnitally.com to
Get full list of Tally Tutorials about Tally ERP 9
2014-2015 Annual Report for UC Davis Campus Recreation and Unions & UC Davis ...Sam Drexler
This report, published by Campus Recreation and Unions (CRU) Marketing, explores how CRU & UC Davis Stores are partnering to promote academic achievement, foster new opportunities, and support student wellness in the UC Davis community.
SAP offers four services to help customers implement the Goods and Services Tax (GST) in India:
1. Assessment Service to understand the impact of GST on processes and systems and define an implementation approach.
2. Migration Service to migrate tax procedures from TAXINJ to TAXINN.
3. Implementation Service to execute the implementation roadmap with testing and user training.
4. QA and Expert Services to validate the solution design, implementation, and final preparation for go-live.
The document discusses customs duties in India. It outlines that [1] customs duties are levied on imports and exports according to the Customs Act of 1962 and Customs Tariff Act of 1975, [2] basic customs duty is charged on all imported goods at rates specified in the Customs Tariff Act, and [3] additional duties include an additional countervailing duty equal to internal excise duties and an education cess.
This document provides an overview of how SAP solutions can be configured for Goods and Services Tax (GST) compliance in India. It discusses master data setup, tax configuration, document numbering, business transactions for procurement, sales, and pricing. Key areas covered include tax registration numbers, classification of customers, vendors, materials and services, configuration of tax condition types for intra-state, inter-state, import and export transactions, and pricing procedures.
The document summarizes the legal framework and procedures for setting up an Export Oriented Unit (EOU) in India according to the country's Foreign Trade Policy. Key points include:
- EOUs are eligible for various exemptions from customs duties, excise duties, and direct/indirect taxes to facilitate exports.
- Setting up an EOU involves obtaining a Letter of Intent from the Development Commissioner by submitting an application with documents like project report and locational clearances.
- Upon receiving the Letter of Intent, legal undertakings must be executed and capital goods/inputs must be attested before a Green Card is issued.
- Various formalities like warehousing licenses and bond execution are
Central excise duty is levied on goods manufactured in India under the Central Excise Act of 1944. Four conditions must be met for excise duty to apply: 1) the item must be a movable good, 2) the good must be listed in the Central Excise Tariff Act, 3) the good must be manufactured in India, and 4) the manufacturer is liable for paying the duty. Excise duty is calculated based on the excise rate and assessable value/quantity of the good. Manufacturers must maintain daily stock accounts and pay duty on a monthly basis using a process ledger account or CENVAT credit.
The document provides information about excise duty in India including:
- Excise duty is levied on goods produced in India and intended for consumption in India. It is collected at the time of removal from the factory.
- Excise duty is an indirect tax on the manufacturer that is passed on to the consumer.
- The key terms related to excise duty for dealers include excisable goods, first stage dealer, second stage dealer, and CENVAT credit.
- The document outlines how to enable the dealer excise module in Tally ERP 9, including setting up the company, voucher types, ledgers, and stock items required to record excise transactions for dealers.
The document provides information on various sales tax forms relevant for MRO activities at RIL, including Form C for inter-state purchases, Form F for inter-state stock transfers, and Form I for inter-state sales to SEZ customers. It also discusses standardizing inbound and outbound warehouse registers, early payment incentives (EPI) including projections and analysis, and deemed exports including advance authorization schemes and RIL's process for deemed export orders.
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
The document provides an overview of excise duty in India. It defines excise duty as a tax on goods manufactured in India and intended for domestic consumption. It is levied when goods are produced or manufactured. The key points covered include:
- Excise duty is an indirect tax paid by manufacturers and passed on to consumers.
- Duty is collected under the Central Excise Act at rates specified in the Central Excise Tariff Act.
- Goods must meet certain criteria like being movable and marketable to be considered excisable.
- There are different types of excise duties including basic excise duty, special excise duty, and education cess on excise duty.
- Valuation
The document discusses setting up a cement manufacturing unit in India. It provides an overview of the cement industry and outlines the process for incorporating a cement company, including registering with the Registrar of Companies and obtaining necessary approvals. It also discusses India's industrial policies relating to licensing, locations, and incentives for special economic zones. Relevant labor laws and legal challenges are also mentioned.
Optitax's presentation on carotar [07 jan 2021]Nilesh Mahajan
- India offers reduced customs duties on imports of certain goods originating from certain countries/regions subject to rules of origin criteria and compliances.
- The customs rules regarding rules of origin (CAROTAR) were recently updated, increasing importer accountability and scrutiny of origin declarations.
- Under the new CAROTAR rules, importers must maintain detailed origin-related records in Form I for 5 years and are subject to verification by customs authorities to substantiate origin claims and avoid penalties for non-compliance.
The chapter consists of Computation of Tax Liability and Payment of Tax; Interest on Delayed Payment of Tax; Refund of Tax; Tax Deduction at Source (TDS); Collection of Tax at Source (TCS); Computation of Interest on Delayed Payment of Tax. Composition scheme, eligible tax payers, turn over limit in case of composition scheme. Eligibility for composition scheme, person not eligible to opt composition scheme, conditions for availing composition scheme, advantages and disadvantages of composition scheme, computation of tax liability, Interest on delayed payment of tax,
Refund of Tax: Usually when the GST paid is more than the GST liability a situation of claiming GST refund arises. Under GST the process of claiming a refund is standardized to avoid confusion. The process is online and time limits have also been set for the same.
When can the refund be claimed?
There are many cases where refund can be claimed. Here are some of them – Excess payment of tax is made due to mistake or omission.
Dealer Exports (including deemed export) goods/services under claim of rebate or Refund
ITC accumulation due to output being tax exempt or nil-rated
Refund of tax paid on purchases made by Embassies or UN bodies
Tax Refund for International Tourists
Finalization of provisional assessment
How to calculate GST refund?
Let’s take a simple case of excess tax payment made. Mr. B’s GST liability for the month of September is Rs 50000. But due to mistake, Mr. B made a GST payment of Rs 5 lakh. Now Mr. B has made an excess GST payment of Rs 4.5 lakh which can be claimed as a refund by him. The time limit for claiming the refund is 2 years from the date of payment.
The Productivity and Innovation Credit ("PIC") scheme is a scheme that supports investments in innovation and productivity. It provides tax benefits on investments made by businesses in six productivity improvement activities:
* Acquisition of leasing of PIC automation equipment;
* Training of employees;
* Acquisition of intellectual property rights;
* Registration of patents, trademarks, designs and plant varieties;
* Research and development activities; and
* Investment in approved design projects.
Under the PIC scheme, all business can enjoy tax deduction/allowances at 400% on up to $400,000 of their expenditure per year on each of the six qualifying activities mentioned above.
In addition, businesses can also exercise an option to convert their expenditure into a non-taxable cash payout.
You are encourage to find out more about how the PIC scheme can support your business as you innovate and improve your business' productivity.
Should you have any queries on PIC scheme, please contact IRAS at 1800-356-8622 or email to picredit@iras.gov.sg
1. The document outlines Pakistan's withholding tax regime, including tax rates, who is responsible for deducting/collecting tax, and when tax must be deposited.
2. Key points covered include tax to be collected from importers by customs collectors, tax to be deducted from salary, dividends, profits on debt, payments to non-residents, and various other income streams, at prescribed rates depending on filer/non-filer status.
3. Deductions/collections must generally be deposited on the date deducted if the agent is the federal/provincial government, or within 7 days of deduction for other agents. Most taxes are considered final but some may be adjustable against tax liability
This document is a case study analyzing the financial reporting options for Merrimack Tractors and Mowers Inc. The company is facing rising costs and needs to determine whether to continue using LIFO (Last In First Out) or switch to FIFO (First In First Out) for inventory accounting. Continuing with LIFO would lead to declining profits over time. Switching to FIFO would boost short-term profits but could hurt the company in the long run as prices continue increasing. The conclusion is that the company should switch to FIFO for 2008 to remain viable but must take additional steps to reduce costs.
This document provides an overview of the Maharashtra Value Added Tax (MVAT) system. It discusses the introduction of VAT globally and in India, as well as an overview of MVAT in Maharashtra. The key aspects covered include the MVAT Act and rules, registration requirements, tax invoices, rates and classifications, input credit/set off rules, payment requirements, returns, and TDS requirements. Methods of calculating VAT liability for normal dealers and works contractors are also summarized.
1. Sales taxes in India include the Central Sales Tax (CST) and Value Added Tax (VAT). CST is applied to inter-state sales while VAT is applied intra-state.
2. Under CST, the state from which the goods originate receives the tax revenue. CST rate is 2% if a C form is obtained, otherwise the state rate applies.
3. VAT aims to reduce the cascading effect of taxes. It provides input tax credit, so tax paid on inputs and capital goods can be credited against output tax. The difference is paid to authorities.
The document discusses various export promotion schemes in India including Export Oriented Units (EOUs), Software Technology Parks of India (STPI), Electronic Hardware Technology Parks (EHTPs), and Bio-Technology Parks (BTPs). It provides details on the introduction, eligibility criteria, benefits, and procedures for each type of park. For example, it states that EOUs allow duty-free imports and 100% foreign ownership while STPI units can avail of customs duty exemption, excise duty exemption, and central sales tax reimbursement. The document also mentions that nearly 1,000 software exporters withdrew from STPI after tax incentives were removed in 2011.
This document provides an overview of the Goods and Services Tax (GST) system in India. It explains that GST aims to create a unified indirect tax system and reduce the overall tax burden. It describes how GST is levied on the supply of goods and services across India, with Central GST, State GST, and Integrated GST applying depending on the nature of the supply. Threshold limits for registration and key tax rates are also outlined. Administrative responsibilities under GST are shared between central and state governments.
Ac 501 Enthusiastic Study/snaptutorial.comGeorgeDixon32
E2-7 (Assumptions, Principles, and Constraints): Presented below are the assumptions, principles, and constraints used in this chapter.
Economic entity assumption 5.Historical-cost principle 9. Materiality
Going-concern assumption 6.Matching principle 10. Industry practices
Monetary unit assumption 7. Full disclosure principle 11. Conservatism
Periodicity assumption 8. Cost-benefit relationship
Instructions
Ac 501 Success Begins / snaptutorial.comRobinsono02
E2-7 (Assumptions, Principles, and Constraints): Presented below are the assumptions, principles, and constraints used in this chapter.
Economic entity assumption 5.Historical-cost principle 9. Materiality
Going-concern assumption 6.Matching principle 10. Industry practices