Accounting Software Enhancement Towards GST Compliance (Revised as at 01 August 2016)
On 1st August 2016, 3 tax codes (ES-GU, OS-OVN, OSOVT) were removed and one more new tax code (NP) is added, therefore now we have 37 GST tax codes in total.
Tax Code: NP – This tax code is applicable for matters to be treated as neither a purchase of goods nor a purchase of services, and no GST incurred. For example, the users can assign this tax code for purchase under Second Schedule of GST Act 2014, supplies that treated as neither a supply of goods nor a supply of services such as purchase of Transfer of Going Concern (TOGC), purchase from any society or similar organization, and purchase of goods or services made within or between designated areas based in Sec. 155 of GST Act 2014.