Create 40% Tax Types

YouTube: How to Create a 40 % GST Tax Slab in Logic ERP?

How to Create a 40 % GST Tax Slab in Logic ERP?

In this tutorial, we’ll demonstrate how to set up GST 40% tax slab accounts and tax types in Logic ERP.

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Create GST Sale Accounts

• Go to the Setup Menu → open Setup New Account.

• Enter the account name: GST Sale 40%.

• Select Account Type as Sale.

• Define the Default Tax as 40%.

• Set the GST Type as Taxable.

• Click Save.

Next, create the IGST Sale 40% account using the same steps.

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Create Output Accounts

• Enter account name: CGST Output 20%.

• Select Account Type → Current Liabilities.

• Mark it as a Sales Tax Account.

• Choose GST Type as CGST.

• Define Default Tax as 20%.

• Click Save.

Repeat the same steps to create:

• SGST Output 20%

• IGST Output 40%

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Create GST Purchase Accounts

• Enter account name: GST Purchase 40%.

• Select Account Type → Purchase.

• Define Default Tax as 40%.

• Click Save.

Next, create IGST Purchase 40% in the same way.

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Create Input Accounts

• Enter account name: CGST Input 20%.

• Select Account Type → Current Liabilities.

• Mark it as a Sales Tax Account.

• Choose GST Type as CGST.

• Define Default Tax as 20%.

• Save the account.

Repeat the same steps to create:

• SGST Input 20%

• IGST Input 40%

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Define Tax Types for Sales

• Navigate to Setup\Setup Taxes and then select "Setup Tax Types (Sale)"

• Enter Tax Description: GST Sale 40%.

• Link it with the GST Sale 40% Account.

• Select Sales Tax Account → SGST Output 20%.

• Define Tax 1 = 20% and Tax 3 = 20%.

• In the Tax 1 Account column, select CGST Output 20%.

• Enable Use for GST and set GST Type as CGST/SGST.

Inclusive Tax Type Setup:

• Tax 1 = 20%

• Tax 2 = 40%

• Tax 3 = 20%

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Define IGST Sales Tax Types

• Enter Tax Description: IGST Sale 40%.

• Link the Sales Account → IGST Sale 40%.

• Select Sales Tax Account → IGST Output 40%.

• Define Tax 3 = 40%.

• Enable Use for GST and set GST Type as IGST.

For Inclusive IGST Tax Type:

• Tax 2 = 40%

• Tax 3 = 40%

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Define Tax Types for Purchases

• Navigate to Setup\Setup Taxes and then select "Setup Tax Types (Sale)"

• Follow the same steps as sales tax types.

• Instead of output accounts, link all Input Accounts.

• Save the changes.

GST 40% tax slab setup is now complete for both Sales and Purchases in Logic ERP.