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Vat on discount


sgokhool
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I have an issue on my LOYVERSE

 

I have my products uploaded on Loyverse

 

I give 5% discount on certain products

 

However the VAT amount is being calculated on the discounted amount

 

Our VAT is charged before discount

 

For examples

 

I sell the following products :

 

800 cards @ Rs 43.48 Total 34784

800 cards @ Rs 86.96 Total 69568

Total Rs 104352

Discount is 5% on both products (5% x Rs 104352) = Rs 5217.60

Vat is calculated at the rate of 15% before discount= 15%x Rs 104352 =rs 15652.80

Total = Rs 104352-Rs 5217.60+15652.80 = Rs 114787.20

 

On Loyverse

 

It is taking the VAT element on

15% (104352-5217.60) = Rs 14870.16 which is wrong as our VAT is calculated before discount then the discount is deducted

 

Please help me out

 

 

20220217_195951.jpg

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Hello!

I am afraid there's no issue in your Loyverse and that this is just how Loyverse calculates the amounts that have the discount and taxes included. But I would be glad to send this over to our technical team as a feature suggestion. Though we cannot guarantee you that this kind of feature can be implemented immediately or anytime soon, if other users request for such feature then we might consider adding it onto the future.

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  • 6 months later...
On 2/19/2022 at 4:50 AM, Shinji said:

 

Hello!

I am afraid there's no issue in your Loyverse and that this is just how Loyverse calculates the amounts that have the discount and taxes included. But I would be glad to send this over to our technical team as a feature suggestion. Though we cannot guarantee you that this kind of feature can be implemented immediately or anytime soon, if other users request for such feature then we might consider adding it onto the future.

This is a problem for many countries. There is a legal requirement to charge VAT/TAX before applying a discount. Penalties can be severe if caught. Usually a FINE plus double the tax evaded plus interest on the original amount of the tax evaded from the time of the purchase until judgement. This is applied to every item. When you charge the VAT/TAX can also vary based on the sale being for goods or services.

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