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FAQ-16 ( VAT / CST ):

How to create purchase, sales, Input VAT, Output VAT and Additional Expense Ledgers in a VAT enabled company?

Solution:

  Purchase Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

1.     Enter the Name of the Purchase Ledger

2.     In the Under field, select Purchase Accounts

3.     Set the field Inventory values are affected to Yes

4.     Set the field Used in VAT Returns to Yes

5.     In the VAT/Tax Class screen, the VAT/Tax Classifications pertaining to purchases will be displayed for selection based on the State and the Type of Dealer pre-defined in the F3: Statutory & Taxation Features. The VAT/Tax classifications displayed for purchases in this example pertains to Karnataka State.

 

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6.     Press Enter key to return to the Purchase Ledger Creation screen.

7.     Set Use for Assessable Value Calculation to No.

8.     Accept the purchase ledger.

 

Sales Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

  1. Enter the Name of the Sales Ledger, for e.g., Sales @ 4%
  2. In the Under field, select Sales Accounts
  3. Set the field Inventory values are affected to Yes
  4. Set the field Used in VAT Returns to Yes

 

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5.     Select the required VAT/Tax Class from the list displayed, for e.g., Sales @ 4%. The VAT/Tax Classifications pertaining to sales will be displayed for selection based on theState and the Type of Dealer pre-defined in the F3: Statutory & Taxation Features. The VAT/Tax classifications displayed for sales in this example pertains to Karnataka

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6.     Accept the sales ledger.

 

Note: The field - Use for Assessable Value Calculation will be displayed for ledgers grouped under Purchase Accounts and Sales Accounts. In case of ledgers which add to the cost of purchase or sale value, this field needs to be enabled to select the Duty/Tax Type as VAT with the required Method of Apportion. The option Excise & VAT will not be displayed even on enabling Excise module for ledgers grouped under Purchase and Sales Accounts. Care should be taken to disable this option in case of regular Purchase and Sales ledgers for both VAT and VAT & Excise enabled companies.

Input VAT Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

1.     Enter the Name of the Input VAT ledger

2.     In the Under field, select Duties & Taxes from the List of Ledger Accounts

3.     Select VAT in the Type of Duty/Tax field

4.     Select Input VAT @ 4% in the VAT/Tax Class field. The VAT/Tax Classifications pertaining to input tax will be displayed for selection based on the State and the Type of Dealer pre-defined in the F3: Statutory & Taxation Features. The VAT/Tax classifications displayed for input tax in this example pertains to Karnataka State.

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5.     The Percentage of Calculation and the Method of calculation will be displayed based on the VAT/Tax Class selected.

6.     Accept the Input VAT ledger.

 

Output VAT Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

  1. Enter the Name of the Output VAT ledger, for e.g., Output VAT @ 4%
  2. In the Under field, select Duties & Taxes
  3. Select VAT in the Type of Duty/Tax field
  4. Select Output VAT @ 4% in the VAT/Tax Class field. The VAT/Tax Classifications pertaining to output tax will be displayed for selection based on the State and the Type of Dealer pre-defined in the F3: Statutory & Taxation Features. The VAT/Tax classifications displayed for output tax in this example pertains to Karnataka State.

 

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5.     The Percentage of Calculation and the Method of calculation will be displayed based on the VAT/Tax Class selected.

6.     Accept the output VAT ledger.

The VAT/Tax class provided in Tally.ERP 9 will be activated and deactivated based on statutory requirements of the State. In the VAT/Tax class screen, the Activated From column will display the date of activation of particular classification in the current financial year. The Deactivated From column will show the date of deactivation irrespective of the financial year. The VAT/Tax Classifications along with the activation and deactivation dates will be displayed in the following ledger masters:

  • In the VAT/Tax Class sub-screen displayed for ledgers grouped under - Duties & Taxes with Type of Duty/Tax as VAT
  • On setting the field - Used in VAT Returns to Yes in ledgers grouped under - Purchase Accounts and Sales Accounts

 

Additional Expense Ledgers

Inorder to determine the correct assessable value of an item for VAT and Excise calculation, the option Use for Assessable Value Calculation has been introduced. Using this option, the expenses/income ledgers can be apportioned for a particular type of tax calculation. As an enhancement, now, the expense/Income ledgers can be marked for calculation of only VAT or both Excise & VAT based on the apportioned assessable values of items. E.g., If the user wants to consider the additional ledger value only for the purpose of VAT, then VAT has to be selected in the Apportion for field. This ledger will not be considered for calculation of Excise duty amounts.

1.     Company enabled for VAT

In case of additional ledger grouped under Direct/Indirect Expenses and Direct/Indirect Incomes the user can select set the option Use for Assessable Value Calculation toYes. On enabling this option, the fields - Apportion for and Method of Apportion will be displayed. The Duty/Tax Type can be selected as VAT in the Apportion for field as shown:

 

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 The user can select Method of Apportion as either Based on Quantity or Based on Value from the Methods of Apportion list.

 

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Accept the ledger creation screen.

2. Company Enabled for both Excise and VAT

In the ledger master of a company enabled for additional ledger grouped under Direct/Indirect Expenses and Direct/Indirect Incomes the user can select set the option Use for Assessable Value Calculation to Yes. On enabling this option, the fields - Apportion for and Method of Apportion will be displayed. The Duty/Tax Type can be selected asExcise & VAT or VAT in the Apportion for field as shown:

 

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The user can select Method of Apportion as either Based on Quantity or Based on Value from the Methods of Apportion list.

 

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Accept the ledger creation screen.

 
 
 
 
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