Tax settings in Maldives: #
Maldives follows a Goods and Services Tax (GST) system, where a single tax rate applies to all goods and services. The standard GST rate in Maldives is 8% of the value of the goods or services.
To configure tax settings in Bytes POS for Maldives, follow these steps:
1. Go to Settings -> Tax Rate setting.
2. Create a tax with the name “GST@8%” and set the Tax Rate % as 8.
3. Set the tax rate applicable for Maldives as per the current regulations.
4. Save the tax settings.
With this configuration, when you purchase or sell a product, you can select the applicable GST tax rate of 8% for Maldives.
Displaying HSN Code for items (For some businesses) #
1. The HSN code depends on the category of the product.
2. Go to Settings -> Categories and click on “Add”. Enter the category name and the corresponding category code, which should be the same as the HSN code for the category.
3. To display the HSN code in the invoice, go to Settings -> Invoice Settings -> Invoice layouts. Add/Edit the invoice layout and enable the option “Show category code or HSN code”. Save the changes. Assign this invoice layout to your business.
Setting up invoice format for GST: #
Refer to the detailed guide on invoice format and designs provided by Bytes POS to customize the invoice layout according to your requirements.