FAQ-6 ( VAT / CST ):

How to record Sales against Form E1 in Tally.ERP 9?

Solution:

 

According to Section 6(2) of CST Act, the first inter-state sale is taxable and subsequent sale during movement of goods by transfer of documents of title to goods is exempt from tax, if the subsequent sale is made to a registered dealer.

 

Example: Assume ABC Company from Karnataka despatches goods to Yukta Traders of Tamil Nadu and raises an invoice on Prerana Traders in Maharashtra. National Traders charges 2% CST and remits the same in Karnataka. During movement of goods, Prerana Traders sells the goods to Yukta Traders in Tamil Nadu. Yukta Traders takes possession of goods and the 'movement of goods’ comes to an end.

 

The sale from Prerana Traders to Yukta Traders is by way of transfer of documents of title to goods. In the above case, ABC Company will receive declaration in ‘C’ Form from Prerana Traders and will issue declaration in ‘E1’ form to Prerana Traders. Subsequently, Prerana Traders will receive declaration in ‘C’ Form from Yukta Traders and issue declaration in ‘E2’ form which completes the cycle. It is important to note that, if this chain is broken CST will be payable.

 

Enabling VAT

To enable VAT, go to F11: Features > F3: Statutory & Taxation features > set Enable Value Added Tax and Set/Alter VAT Details to Yes and accept the Company Operations Alteration screen

 

Sales Voucher

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

Select As Invoice button to display the invoice mode.

Press F12: Configure and set the following options to Yes.

§  Accept Supplementary Details

§  Allow separate Buyer and Consignee names

§  Activate ‘E1’ and ‘E2’ Transaction

 

In the F12: Configure set Use Common Ledger A/c for Item Allocation to Yes. This option is enabled when single sales ledger needs to be selected in an invoice.

In the sales invoice,

1.     Enter the Date and Reference.

2.     Select the party ledger in Party’s A/c Name field and press Enter to view Party Details screen

3.     In the Buyer’s Details section, enter the Consignee Name and Address.

 

 

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Note: Here Consignee is the person, to whom the goods are sold by the buyer (Prerana Traders) during the movement of goods, through transfer of document of title to goods.

4.     Select the Sales Ledger with the VAT/Tax Class - Inter-State Sales or Interstate Sales @ 2% Against Form C.

5.     The VAT/Tax Class appears as - Inter-State Sales or Interstate Sales @ 2% Against Form C.

6.     Select the stock item under Name of Item. Enter the Quantity and the Rate to get the amount in the Amount field.

7.     Select the CST Ledger with the VAT/Tax Class - Inter-State Sales or CST @ 2% Against Form C. The CST Rate and Amount is defaulted automatically.

8.     Select C Form in Form to Receive field. Enter the Form series number, form number and date. Leave these fields blank if details are not available. 

9.     Select E1 Form in Form to Issue field. Enter the Form series number, form number and date. Leave these fields blank if details are not available.

 

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