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4,359Hi Community,
Here is the scenario:
Recently, during auditing my company realize that we have been putting 0% VAT and 7% VAT in VAT posting groups of the SKUs in the Item card.
When we run GST Statements in NAV, we discovered that for those we place as 0% for the items, it doesn't generate VAT in the statements.
This causes huge implications in accounts, as they require to submit VAT to the authorities.
Initially, we thought that we have to pay a huge sum for the VAT deficits.
However, thankfully, upon doing some manual calculations, we realize that the VAT amount was already calculated manually in the Unit price.
Here is the thing.
We realize that VAT posting group for items in Navision, seems to only affect the sales, it doesn't seems to affect purchase. Am I correct?
Thank you!
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