QuickBooks automatically sets up a list of common tax codes for you, based on where your company is located.
| Tax Code | Rate | Description | Tax Payable by | Applies to |
|---|---|---|---|---|
| 14.00% ST | 14.00% | Service tax on services provided within India (after June 1, 2015) | Service provider | Liability account |
| 14.00% ST | 14.00% | Service tax on imported services (after June 1, 2015) | Service receiver | Liability account |
| 12.36% ST | 12.36% | Service tax on services provided within India (before June 1, 2015) | Service provider | Liability account |
| 12.36% ST | 12.36% | Service tax on imported services (before June 1, 2015) | Service receiver | Liability account |
| 0% Out of Scope | 0% | Nontaxable goods and services | N/A | N/A |
| Exports | 0% | Service tax on exported services | N/A | Liability account |
| 14.5% ST | 14.5% | 14% Service Tax plus 0.5% Swachh Bharat Cess (SBC), an additional 0.5% tax to all service businesses that are liable to pay Service Tax effective from November 15, 2015. No CENVAT credit available. | Service provider | Liability account |
| 15.0% ST | 15.0% | 14% Service Tax plus 0.5% Swachh Bharat Cess (SBC), plus an additional 0.5% Krishi Kaylan Cess (KKC), a tax levied on all existing taxable services. Effective June 1, 2016. | Service provider | Liability account |
VAT rates and requirements differ from state to state. For a list of appropriate VAT codes, visit your tax agency's website or talk to your accountant. Usually you must have a unique tax code for different tax rates or amounts. You also must have unique tax codes for each situation that requires you to record amounts on a different line of a statement or return.
CST rates differ from state to state and product to product. For a list of appropriate CST rates, visit your tax agency's website or talk to your accountant.