Updates on Tax Code Assignment

General introduction to Tax Code Assignment 

Tax code assignment in 2017 version consists of 38 tax codes, 20 for supply and 18 for purchase. RMCD revised guide on accounting software on February 5th 2018 and the latest Tax Code Assignment reduced to 35 tax codes. The tax code for supply remained 20 and tax code for purchase reduced to 15.

Tax Code Assignment 

There were 4 tax codes being removed, EP, GP, NP, RP and 1 tax code (IM-CG) was    re-launched.

Tax codes RP-Relief purchase, EP-Exempted purchase, GP-Group registration purchase and warehousing scheme are consolidated as ZP-Zero rated purchase.

Tax code NP-Not a purchase is consolidated as OP-Out of scope purchase.

Tax Code Mapping to GST-03 – Box 15

Box 15 is now classified as Total Value of Other Supplies. This should map to tax codes:

Tax Code Mapping to GST-03 – Box 16

Box 16 is capital goods acquired. This should map to tax codes:

Updates on Tax Code Assignment

Attachments:
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