VAT - VAT/GST
What is VAT
VAT is the value added tax (General Sales Tax) code maintenance program. It is part of the CODES subsystem and is used to created, amend and delete this particular type of code. The VAT/GST codes are essential for operating any form of VAT/GST accounting. The codes describe the prevailing rates as executed by regulatory authorities.
All codes are used for a combination of the following:
1) validation of entries, to ensure correct data entry
2) grouping of clients or accounts, for reporting or credit/risk analysis
3) indication for calculations, to define how entered values are to be used
VAT codes are not a part of Master Data