Posted by Admin at 2019-08-29 | 17:33:56
Sales taxation is taxation which is charges on sales and it is mentioned in sales invoice. In detail, a sales tax is a consumption tax obligatory by the state on the sale of products (goods as well services). A conventional sales tax is charged at the point of sale, collected by the retailer, and conceded on to the government. Indeed, a value-added tax (VAT), identified in various countries as a goods and services tax (GST), is a kind of tax that is evaluated increasingly. It is charged on the definite transaction value of a product (goods or service) at every stage of production, distribution or sale to the final consumer, though where a business is the final consumer which will get back its input value. It is common and is often incorrectly measured up to a sales tax.
Businessmen must understand terms and rules of sales taxation or need to hire tax practitioners to file returns and other documents properly.
In every country, taxation is being charged on sales revenue. TrapAccounting designed invoice format and tax calculation is fixed therein. Sales tax’s percents or schemes can be built and there would be need to select while making a sales invoice. If there is need to use new one while making invoice, new percent can be written.
Sales Tax report can be generated and analyzed while using filters of data and branches (if any). As soon as possible, YouTube link would be shared for training to handle tax in sales invoice and to view report.
In standard template, it is available under tab of reports in main-menu while same it is as in dynamic template.
Upcoming, a lot of functions needed to be added regarding taxation so that application users may not miss what they want regarding. We also expect to get suggestions from users as what they need in practical.
As, every country has its own rules and tables for taxation and its rates, so we focus to cover all countries while formulating common methods and allow users to create scheme as they want according to local government's rules.