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Administration Master Data Tax Codes GST-18 Edit

Edit Tax Code — GST-18 Active

GST @ 18% — Standard rate for goods and services

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Rate Change Impact Warning

Changing tax rates will affect all future transactions. Existing documents (purchase orders, invoices, and receipts) will retain their original rates. Please review the usage statistics below before making changes.

Created By Anand Deshmukh
Created On Jan 1, 2024
Last Modified Apr 1, 2024
Version v3
456
Purchase Orders
289
Invoices
1,234
Line Items
Live Calculation Preview
Invoice Amount ₹1,00,000
+
Tax Amount ₹18,000
=
Total Amount ₹1,18,000

Basic Information

Tax code cannot be modified after creation

Rate Configuration

%
Compound tax is calculated on the base amount plus other taxes

GST Configuration

Auto-calculated from total rate
Auto-calculated: 9.00%
Half of the total GST rate
Auto-calculated: 9.00%
Half of the total GST rate
Auto-calculated: 18.00%
Same as the total GST rate
Reverse Charge Applicable Enable if the recipient is liable to pay tax under reverse charge mechanism (RCM)
Input Tax Credit Eligible Enable if input tax credit (ITC) can be claimed on purchases under this tax code

Applicability

All Categories
All Vendors

Accounting

Rate History

2 historical records
Rate Effective From Effective To Changed By Change Date Status
18.00% Apr 1, 2024 Current Anand Deshmukh Apr 1, 2024 Current
18.00% Jul 1, 2017 Mar 31, 2024 System Migration Jul 1, 2017 GST Introduction

Audit Trail

Last 3 changes
Anand Deshmukh updated Effective From date
Apr 1, 2024 at 10:30 AM IST
Changed Effective From from "Jul 1, 2017" to "Apr 1, 2024" as part of annual rate review
Priya Sharma updated GL Account mapping
Feb 15, 2024 at 3:45 PM IST
Changed Tax Payable GL from "2300 - Tax Payable (Old)" to "2310 - GST Output Tax Payable"
System Migration created tax code GST-18
Jan 1, 2024 at 12:00 AM IST
Initial creation during system data migration from legacy ERP. Original GST rate effective from Jul 1, 2017.
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