Product VAT & Tax Configuration

Product VAT & Tax Configuration in PrismERP is used to define how VAT and tax are applied to products during purchase and sales transactions. It allows users to set purchase VAT, sale VAT, and maximum rebate percentage for each product. The configuration is also linked with tax sections and subsections to ensure that the correct tax rules are applied based on product category. During transactions, the system automatically uses these settings to calculate VAT and tax amounts.

Field	Action
Tax Rate Purchase VAT(%)	Enter the VAT percentage applied during product purchase.
Sale VAT(%)	Enter the VAT percentage applied during product sale.
Max Rebate Percentage	Enter the maximum rebate percentage allowed for the product.
Tax Section	Select the tax section applicable to the product.
Tax Subsection	Select the tax subsection under the selected tax section.