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FAQ-1 ( VAT / CST ):

How to record purchase of more than two stock items using voucher class inclusive of VAT?

Step 1:

Creating Stock Items

In the stock item master, Set/Modify Default Ledgers for Invoicing: Yes [If this option is not available, press F12: Configure button in the stock item master and set Specify Default Ledger Allocation for Invoicing to Yes].

 

Item 1: Coffee Beans

Name: Fruit Jam

Set/Modify Default Ledgers for Invoicing: Yes

The Stock Default screen will be displayed. Under ‘Default Accounting Allocations for Purchase Invoice’ specify the details as shown:

 

vat in tally erp 9

   [12-1]

Pressing the Enter key will bring you back to the ‘Stock Item Creation’ screen.

Under: Primary

Units: Kgs

Rate of VAT: 4%

 

Accept the stock item creation screen.

 

Note: The denominator is determined by adding the assessable value and tax amount. For assessable value of Rs. 100 the tax is Rs. 4. So the denominator will be 104. The percentage is calculated for Purchases @ 4% as 100/104*100 = 96.15 and output VAT @ 4% as 100/104*4 = 3.85. The percentage can also be computed as 100 - 96.15 = 3.85.

Depending on the percentage specified, the assessable value and VAT will be calculated.

 

Item 2: Fruit Jam

 

Similarly create the stock item - Fruit Jam taxable @ 5%

Ensure that under Default Accounting Allocations for Purchase Invoice of Stock Default screen, the details are provided as shown:

 

payroll in tally erp 9

   [12-2]

Pressing the Enter key will bring you back to the ‘Stock Item Creation’ screen.

Under: Primary

Units: bottle

Rate of VAT: 5%

 

Note: The denominator is determined by adding the assessable value and tax amount. For assessable value of Rs. 100 the tax is Rs. 5. So the denominator will be 105. The percentage is calculated for Purchases @ 5% as 100/105*100 = 95.24 and output VAT @ 5% as 100/105*5 = 4.76. The percentage can also be computed as 100 - 95.24 = 4.76.

 

Depending on the percentage specified, the assessable value and VAT will be calculated.

 

Item 3: Pastries

 

Name: Fruit Jam

Set/Modify Default Ledgers for Invoicing: Yes

The Stock Default screen will be displayed. Under ‘Default Accounting Allocations for Purchases Invoice’, specify the details as shown:

 

tally erp 9 software download

   [12-3]

Pressing the Enter key will bring you back to the ‘Stock Item Creation’ screen.

Under: Primary

Units: Nos

Rate of VAT: 12.5%

 

Note: The denominator is determined by adding the assessable value and tax amount. For assessable value of Rs. 100 the tax is Rs. 12.5. So the denominator will be 112.5. The percentage is calculated for Purchases @ 12.5% as 100/112.5*100 = 88.89 and output VAT @ 12.5% as 100/112.5*12.5 = 11.11. The percentage can also be computed as 100 - 88.89 = 11.11.

Depending on the percentage specified, the assessable value and VAT will be calculated.

 

Step 2:

 

Creating Voucher Class

Go to Gateway of Tally > Accounts Info. > Voucher Type > Alter > Create

In Name of Class field enter VAT Inclusive Class. In the Voucher Type Class screen select the details as shown:

 

tally 9 erp free download

   [12-4]

Accept the Voucher Type Class screen and Retail Invoice voucher type.

 

Purchase Entry

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase > Select VAT Inclusive from the Voucher Class List

Record the entry as shown:

tally erp 9 shortcut keys

   [12-5]

Accept the purchase invoice.

 

VAT Computation

Go to Gateway of Tally > Display > Statutory Reports > VAT Reports > VAT Computation

 

   [12-6]

 
 
 
 
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