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FAQ-21 ( VAT / CST ):

How to record sales entries which are MRP based?

Solution:

 

In the Stock item master, click on F12: Configure button and set Calculate VAT on MRP/Margin to Yes.

 

MRP Exclusive of VAT

In the Stock Item master, enter the MRP rate in MRP/Marginal field, set the options - Use MRP to Print and MRP Incl. of VAT to No.

Go to Gateway of Tally > Accounting Vouchers > F8: Sales

1.       Select the customer ledger in the Party’s A/c Name field.

2.       Select the sales ledger and the required VAT/Tax classification (for e.g., Sales @ 4%) in the VAT/Tax Class field.

3.       Select the Name of Item from the List of Items.

4.       In the MRP/Marginal field, enter the amount.

5.       Select the Output VAT ledger. The output VAT will be calculated on the MRP amount and not on the item rate.

 

pirated tally erp 9

   [12-91]

In the above entry the output VAT is calculated as MRP/Marginal amount X Quantity X Rate of VAT =

520*10*4% = 208

The MRP value can be displayed in the printed sales invoice if the option Print MRP/Marginal Column is set to Yes in the Invoice Print Configuration.

MRP Inclusive of VAT

In the Stock Item master, enter the Rate in MRP/Marginal field and set MRP Incl. of VAT to Yes.

 

 

tally erp 9 study material

   [12-92]

  Go to Gateway of Tally > Accounting Vouchers > F8: Sales

Follow the steps as specified for the above entry to record the sales invoice for MRP inclusive of VAT.

 

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   [12-93]

In the above entry, the MRP is inclusive of VAT, so the MRP rate will be computed as 520/104*100 = 500

The output VAT will be calculated by considering the item value as 500.

Output VAT = 500*10*4% = 200

 
 
 
 
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