Tax on tax scenario in 2007A
I am using Business One 2007A PL42
All these time we had only VAT 12% . But recently government has introduced a new tax NBT 3%. Calcuation will be as follows
Invoice Amt = Rs 100
NBT = Rs 3 (3% on invoice Amount) (this tax is mandatory even if the item/cusotmer is tax exempt or taxable)
Tax = Rs 12.36 (12% on invoice Amount + NBT) and the NBT tax and VAT has to go to two different accounts in GL and we shld be able to take it differently when invoice is printed.
I was unable to figure out a solution in 2007 A. Do anyone have solution for this if so please help me.