Tax settings in Maldives:
Maldives follows a Goods and Services Tax (GST) system, where a single tax rate applies to most goods and services. The standard GST rate in Maldives is 8% of the value of the goods or services. Some products are Zero Rated
To configure tax settings in IsleBooks POS for Maldives, follow these steps:
Go to Settings -> Tax Rate setting.
Create a tax with the name “GST@8%” and set the Tax Rate % as 8.
Set the tax rate applicable for Maldives as per the current regulations.
Follow the same procedure to create a tax for Zero Rated and 0% as a percentage
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 Or Choose Zero Rated when adding product where necessary
Setting Tax Activity No For Business locations
This step is necessary to export MIRA input and output tax statements properly. This will ensure that correct transactions are assigned to correct activity numbers when reports are exported. To do this follow these simple steps
Go to Settings> Business locations
Click Edit and find the Activity Number field
Provide activity number for the location which can be found on your GST registration
Repeat the same process for other locations if you have multiple business locations
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 IsleBooks POS to customize the invoice layout according to your requirements.