As a business, you are required to charge taxes on the goods and services that you are selling to your customers.
Tax laws and regulations are complex, and change often. The latest standard of taxes in India is the GST. Within GST itself the norms keep changing. We suggest you to keep yourself updated with the latest GST regulations at all times to ensure, the taxes that you are applying are adhering to the Government regulations.
Here, in context of catalogue, we will be talking about Taxes on:
- Sell-able items
- Charges/fees for services
When, you configure a tax there are two things you have specify:
- Which object would you like to apply the tax on: item(s)/ charge
- Which all locations this tax is applicable on
This means, you could apply different taxes on:
- On same item, across locations.
- On same charge/fees, across locations.
- On different items, at the same location.
- On different charges/fees, at the same location.
This flexibility, in the system, let's you to adapt to any change in the tax policy by the government - by skipping the development time required in the system to handle new taxation rules.
In the next document, we'll walk you through the step-by-step guide on adding/updating taxes.