FAQ-20 ( VAT / CST ):

How to record a sales entry using Sales voucher with VAT inclusive voucher class?

Solution:

 

Create Sales & Output VAT Ledgers

 

1.       Sales @ 4% Ledger

 

Name

Under

Inventory values are affected

Used in VAT Returns

VAT/Tax Class

Use for Assessable Value Calculation

Sales @ 4%

Sales Account

Yes

Yes

Sales @ 4%

No

 

2.       Output VAT @ 4% Ledger

 

Name

Under

Type of Duty/Tax

VAT/Tax Class

Inventory values are affected

Percentage of Calculation

Method of Calculation

Output @ 4%

Duties & Taxes

VAT

Output VAT @ 4%

No

4%

On VAT Rate

 

3.       Sales Voucher Class

 

Gateway of Tally > Accounts Info > Voucher Types > Alter > Sales

 

Class: Sales Incl VAT

 

Under Voucher Type Class screen, under ‘Default Accounting Allocation for each item in Invoice’, specify the details as shown:

 

Ledger Name

VAT/Tax Class

Percentage

Override using Item Default

Sales @ 4%

Sales @ 4%

96.15

No

Output VAT @ 4%

Output VAT @ 4%

3.85

 

 

Note: The percentage is calculated for Sales @ 4% as 100/104*100 = 96.15 and output VAT @ 4% as 100/104*4 = 3.85 (or 100 - 96.15 = 3.85)

 

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Pressing the Enter key will bring you back to the Voucher Type Alteration screen. Save the Voucher type.

 

4.       Sales Entry

Gateway of Tally > Accounting Vouchers > F8: Sales > Select the Class: ‘Sales Incl VAT’ and pass a normal entry. After selecting the Item do not select the Output VAT @ 4% ledger, since this invoice is inclusive of VAT.

 

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5.     VAT Computation

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

 

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Company Information @ Tally.ERP9
 
 
 
Group & Ledger
Introduction
1. THE GROUP
2. THE LEDGER
3. VOUCHERS TYPES
Advanced Inventory / Stock
Meaning
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Tracking Numbers
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Price Lists and Price Levels
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Inventory Ageing Report
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Advanced Usage of Vouchers
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Memo (Memorandum) Voucher
Optional Voucher
Using Tracking Number
Knowledge Base @ Tally.ERP9
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Accounting Vouchers
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VAT-Value Added Tax
Service Tax
TDS (Tax Deducted at Source)
 
 
 
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