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Calculating VAT on Assessable Value inclusive of Service Tax @ Tally.ERP9

Query

How to account goods purchased (software) on which Service Tax and VAT are applicable, where VAT to be calculated on Assessable Value and Service Tax? 

Solution

1. Create Ledger Masters

i. Party Ledger > under Sundry Creditors > enable Maintain balances bill-by-bill to Yes > set Is Service Provider/Receiver to Yes > Set/Alter Service Tax Details to Yes to enter Service Tax Details and enable Set/Alter VAT Details to specify VAT information.

ii. Purchase Ledger > under Purchase Accounts > Set Inventory values are affected to Yes > set Is service Tax Applicable to Yes and in Default Service Category field select - Information Technology Software Service > enable Used in VAT Returns to Yes and select Purchase @ 13.5% as VAT/Tax Class

iii. Input Service Tax Ledger > under Duties & Taxes > select Service Tax as Type of Duty/ Tax > Tax Head as ANY > set Use for Assessable Value Calculation to Yes > inApportion for field select VAT > in Method of Apportion select Based on Value

iv. Input VAT Ledger > under Duties & Taxes > select VAT as Type of Duty/Tax > select Input VAT in VAT Sub Type > in VAT/Tax Class field select Input VAT @ 13.5%

2. Record Purchase Voucher

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase (in Item Invoice mode)

  • In Party A/c Name field select party ledger - Isac Computers
  • Under Name of Item field select the stock Item purchased - Computer and press enter to view Item Allocation screen
  • In Item Allocation screen enter the Quantity, Rate of purchase. Amount will be calculated and displayed automatically
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  • The Quantity & Rate specified in Item Allocation screen will be displayed in purchase voucher. Press enter from Amount field to view Accounting Details screen
  • In Accounting Details screen
    • Under Particulars select Purchase - Software and press Enter to view Service Tax Details screen
    • In Service Tax Details screen
      • In Type of Ref select the reference as New Ref. In Name field accept the default tax bill name.
      • In Type of Service & Service Category field accept the default details
      • In Service Amount Rs. 2,50,000 specified for the stock item will be displayed automatically along with Amount (Incl. of Tax) and Tax Bifurcation
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  • Press Enter to accept the Service Tax Details & Accounting Details screen
  • Select Input Service Tax ledger to account the service tax on the transaction. Service Tax Amount of Rs. 25,750 will be calculated & displayed
  • To account VAT select Input VAT @ 13.5%. VAT Amount will get calculated on the assessable value and the service tax
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Note: This transaction can also be accounted in Purchase Voucher in Voucher Mode.
 
 
 
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