Last updated on MARCH 18, 2016
Applies to:PeopleSoft Enterprise FIN Payables - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
India VAT is calculated on Basis + Service Tax Amount.
Define the dependency code for VAT to include basis amount for calculation of VAT.
1. Create a Voucher for a Supplier who is enabled for India VAT and Service Tax.
2. Save the Voucher.
3. On Invoice Line Excise Duty/Sales Tax / VAT Detail page of the voucher, VAT Amount shown is calculated on the Basis Amount + Service Tax Amount.
As per Indian taxation rules, VAT should be calculated only on the Basis Amount.
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