Overview of Rate Wise GST in Marg Books

Process to enable and configure Rate wise GST in Marg Books

Process to apply Rate wise GST in Marg Books

OVERVIEW OF RATE WISE GST IN MARG BOOKS

• Rate wise GST refers to the Goods and Services Tax (GST) system where different goods and services are taxed at different rates based on their classification.
• There is a requirement through the government for example if any of our products is sold below Rs. 1000 then the GST Tax% that will be charged will be different for that product. If the same or any other product is sold for Rs. 1000 or above then the GST Tax% that will be charged on it will be different.
• This law is applied for different types of products of different categories of trades i.e. shoes, footwear, garments, etc.  So, in order to maintain Rate Wise GST automatically, Marg Books has a provision for it.

PROCESS TO ENABLE AND CONFIGURE RATE WISE GST IN MARG BOOKS

Note: 'Rate wise GST' option will only operate on 'Parameters wise Inventory Setup'.

• Firstly, click on 'Settings' icon.

• A 'Dashboard Setting' window will appear.
• In 'Control Room' option, the user will click on 'Configure' button.

• A 'Control Room' window will appear.
• The user will search 'Rate wise'.

• In 'Rate wise GST' option, the user will select 'Yes'.

• The user will click on 'Configure' button.

• A 'Parameter GST Setup' window will appear.
• The user will click on 'Create New' button.

• In 'Item Tax' option, the user will select the old tax of the item from the dropdown, which was received from the party.
• Suppose select 'GST Sale-5%'.

• In 'Rate' option, the user will specify a rate at which the New tax will be automatically applied if the amount is equal to or greater than the mentioned rate.
• Suppose mention '1200'.

• In 'New Tax' option, the user will select the New Tax from the dropdown as per the requirement.
• Suppose select 'GST Sale-12%'.

• The user will click on 'Save' button.

• The user will press 'ESC' key.

• A 'Save Changes' alert will appear.
• The user will click on 'Save' button.

• A 'Changes is control room setting, page need to refresh' alert will appear.
• The user will click on 'Ok' button.

PROCESS TO APPLY RATE WISE GST IN MARG BOOKS

• For Example, that a sale bill has been generated for "Libass Pvt Ltd," and One quantity of the item "Jeans" Rs of 800 has been sold to them. Since the value of the item is below the specified threshold,
• The tax rate will remain unchanged at GST Sale-5%.

• For Example, generated a sale bill for "Libas Pvt Ltd," and purchased One quantity of the item "Jeans" for a total of 1200 Rs. As the value matches the predefined threshold.
• The tax rate will automatically switch to 12% GST, and an alert will be displayed notifying that the "Item Tax Changed to12".