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Overview of country specific accounting and VAT/Tax legislation

Accounting Requirements


VAT/Tax Requirements

Applicable types:

  • Multiple GST (VAT) on one product/service
    • CGST – Central GST
    • SGST – State GST
    • IGST – Interstate GST
  • GST on stock transfer between warehouses in different states
  • HSN/SAC codes for classification of products and services (commodity codes)
  • Import VAT
  • Import taxes, ECESS etc.
  • Withholding tax on invoices and prepayments (TDS)

VAT/Tax Books:

  • GST Ledger of purchase and sales
  • WHT Ledger (TDS)

VAT/Tax Documents:

  • Interstate Stock Transfers
  • Delivery Challan
  • Receipt and Refund Vouchers
  • Self Invoice
  • Payment Voucher

Other Requirements:

  • Rules about special Invoice Numbering

Usual Business Requirements

  • Invoice Rounding
  • E-Payment File

Requirements that exist in most countries, e.g. documentation of transactions, Annual Accounts or periodic reporting of VAT totals, are NOT listed above if no specific legislation exists about format or content.

DISLAIMER: No responsibility is taken of the correctness of above information. The specific accounting and VAT/Tax requirements for a company should always be confirmed with local auditors. The listed issues may not be applicable for all types of companies as well as additional issues may exist depending on the specific type of business.