Introduction to Goods And Services Tax (GST)

Value added Tax (VAT) is a tax on domestic consumption of goods and services. The goods imported into the country and the goods and services supplied within the territorial limits of the country are the subject matter of the VAT tax. There are two types of VAT taxes: Input and Output VAT.

This functionality allows the user to calculate the output VAT tax based on liable income sources.

The output VAT is the value added tax that is calculated and charged on our own sales of goods and services, if you are registered for VAT. It is charged on sales both to other businesses and to ordinary consumers.

As per the regulatory requirement, invoices are required to be generated for VAT liable fee income.