Statutory and Taxation - India, GCC and Kenya

India

GST

Goods and Service Tax (GST) is an indirect tax introduced on July 1, 2017 to bring about uniform tax rates on goods and services.

VAT

Value Added Tax (VAT) is the tax levied at every level of value addition made to a stock item. The tax paid for acquiring the item is allowed as Input Tax Credit. On selling this item, the VAT payable to the department is adjusted against the tax credit, and only the balance amount is paid.

Excise

Excise duty is an indirect tax charged on goods produced within the country. The following taxation structure of excise is supported in Tally.ERP 9:

● Excise for Manufacturers

● Excise for Dealers

● Excise for Importers

TDS

Tax Deducted at Source (TDS) is an indirect tax and a means to collect tax at the prescribed rates from various sources of income.

TCS

TCS is the Tax Collected at Source by the seller (collector) from the buyer/ lessee (collectee/payee). The goods are as specified under section 206C of the Income Tax Act, 1961.

Service Tax

Service tax is a tax levied by central government on services provided. The service provider is liable to pay service tax.

GCC

VAT

Value Added Tax (VAT) is the tax levied at every level of value addition made to a stock item. The tax paid for acquiring the item is allowed as Input Tax Credit. On selling this item, the VAT payable to the department is adjusted against the tax credit, and only the balance amount is paid.

Kenya

VAT

Value Added Tax (VAT) is the tax levied at every level of value addition made to a stock item. The tax paid for acquiring the item is allowed as Input Tax Credit. On selling this item, the VAT payable to the department is adjusted against the tax credit, and only the balance amount is paid.

Tax is calculated on reverse charge basis on import, intra GCC purchases and purchase from unregistered dealers.