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Calculation of VAT ( Value Added Tax)@ Tally.ERP9 ...

Let us take the above example and see how it works on Tally.ERP. The procedure for implementation of VAT in Tally.ERP is very simple. Follow the steps given below :

 

Step-1

Enabling VAT :

Go to Gateway of Tally.ERP> Accounts info. > F11: Features > Statutory & Taxation.  Set Enable Value Added Tax (VAT) and Set/Alter VAT Details to Yes

VAT Details

  • Select the State name.
  • Set Type of Dealer? To Regular
  • Enter the Regular VAT Applicable From date
  • Accept the screen to save.

 

Step-2

Create the Tax rate from ledger creation such as “Input VAT 4%”  and “Output VAT 4%” under “Duties & Taxes”. Create the ledger Input VAT 4% from ..

Gateway of Tally.ERP Ø Master Ø Accounts Info Ø Single Ledger Ø Create


At the time creation following things have to be specified in the respective ledgers such as :

    1. Type of Duty = VAT
    2. VAT / Tax Classes = Input VAT 4%
    3. Percentage of calculation and method of calculation will be posted automatically, save the serene.

Note:

VAT / Tax Classes are already specified in Tally.ERP. You can view these classes from

Gateway of Tally.ERP Ø Display Ø Statutory Master Ø VAT Classification

Step-3

Create the other Tax Ledger Output VAT 4% from …

Gateway of Tally.ERP Ø Master Ø Accounts Info Ø Single Ledger Ø Create

At the time of creation following things have to be specified in the respective ledgers such as :

  1. Type of Duty = VAT

  2. VAT / Tax Classes = Output VAT 4%
  3. Percentage of calculation and method of calculation will be posted automatically, save the serene

Step-4

Create the Purchase an Sales Ledger such as “Purchase @ 4%”  and “Sales @ 4% “ from…

Gateway of Tally.ERP Ø Master Ø Accounts Info Ø Single Ledger Ø Create

Following things to be specified at the time of “Purchase @ 4%” Ledger creation :

  1. Used in VAT  Returns = “Yes”
  2. VAT / Tax Classes = Purchase @ 4%

Following things to be specified a the time of  “Sales @ 4% “ Ledger creation :

  1. Used in VAT  Returns = “Yes”
  2. VAT / Tax Classes = Sales  @ 4%

Note : you can display the VAT / Classes from

Gateway of Tally.ERP Ø Display Ø Statutory Master Ø VAT Classification

Used in VAT Return

Set this to Yes if you wish to select VAT/Tax class for this Ledger.

Note: Tally.ERP gives the flexibility to the user to either have the classification selected in the Ledger Master tagged to all transactions Or select different classifications each time during voucher entries.  

The rest of the Ledger creation process is the same as in default Tally.ERP.

In the above example we have selected a VAT classification of 4%.

Like in the Purchase Ledger screen, select the required VAT/Tax classification in the Sales Ledger as well.

Go to Gateway of Tally.ERP > Accounts Info > Ledger > Create/Alter

Used in VAT Return

Set this to Yes if you wish to select VAT/Tax class for this Ledger.

Note: Tally.ERP gives the flexibility to the user to either have the classification selected in the Ledger Master tagged to all transactions Or select different classifications each time during voucher entries.

The rest of the Ledger creation process is the same as in default Tally.ERP.

In the above example we have selected a VAT class of 4%.

The rest of the settings are the same as in default Tally.ERP.

Step- 5

Create your respective Party Ledger ( i.e. Sundry Creditors and Sundry Debtors ) from..

Gateway of Tally.ERP Ø Master Ø Accounts Info Ø Single Ledger Ø Create

Under Sundry Creditor Group create the following Ledgers :

    1. Raj Infotech
    2. Microtech India

Under Sundry Debtor Group create the following Ledgers :

  1. H. Goenka
  2. Rajib Roy

Step- 6

Create your Product / Items for “ Antivirus CD” and “ Monitor” from…

Gateway of Tally.ERP Ø Master Ø Inventory Info Ø Stock Item Ø Create

Step- 7

Enter the Transactions for Purchase in the Invoice Mode, configure the Voucher Entry Screen by pressing F12 and set option “ Use Common Ledger a/c for item allocation” as “Yes”
 
 
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