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The ledgers that are affected by VAT are:
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On 1-6-2015, TallyERP9Book.Com purchased from Fasion Zone, Bangalore, Philips Lamps 20 nos at Rs. 300 each & Philips lamps 30 nos at Rs. 500 each. (Input VAT - 840.) |
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On 2-6-2015, TallyERP9Book.Com purchased from Fashion Zone Bangalore, Philips Lamps 30 Nos. at Rs. 300 each. VAT @ 4% was charged additionally. |
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On 2-6-2015, TallyERP9Book.Com purchased from Fashion Zone Bangalore, Philips lamps 10 Nos. at Rs. 300 each. VAT @ 4% was charged additionally. |
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On 2-6-2015, TallyERP9Book.Com purchased the following lamps from Fashion Zone
Item |
Quantity |
Rate |
VAT % |
Handing Lamps |
15 Nos |
100 |
12.5 |
Bajaj Lamp |
5 Nos |
150 |
4 |
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On 2-6-2015, TallyERP9Book.Com sold to Emami Papers Ltd., Bangalore, Philips Lamps 10 Nos. at Rs.350 each. VAT @ 4% was charged additionally. |
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On 2-6-2015, TallyERP9Book.Com sold to Hari Plast P Ltd., Bangalore, Philips Lamps 8 Nos. at Rs. 350 each and Philips lamps 5 Nos. at Rs. 550 each. VAT @ 4% was charged additionally |
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On 1-1-2016, TallyERP9Book.Com sold to Emami Papers Ltd., Bangalore, Philips lamps 3 Nos. at Rs. 550 each. VAT @ 4% was charged additionally. |
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TallyERP9Book.Com sells the following lamps to Hari Plast P Ltd. on 1-1-2016.
Sales Item |
Quantity |
Rate |
VAT % |
Hanging Lamp |
10 Nos |
150 |
12.5 |
Wiprow Lamp |
5 Nos |
150 |
4 |
You can use multiple ledgers pre-defined with a different VAT rate, or choose to select each rate at the time of voucher entry. |
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On 1-1-2016, TallyERP9Book.Com sold 1 Wiprow Lamp at Rs. 350 to Emami Papers Ltd.. The goods are taxable @ 4% VAT. |
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On 2-1-2016, Hari Plast P Ltd. returned 1 No. Wiprow Lamp to TallyERP9Book.Com. |
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TallyERP9Book.Com returns 1 No. Philips Lamps to Fashion Zone from the earlier purchases made from them. |
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On 1-1-2016, Fashion Zone allowed a rate difference on lamps purchased by TallyERP9Book.Com for the stock available at Rs. 50. VAT @ 4% was charged additionally. |
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TallyERP9Book.Com allowed a discount to Hari Plast P Ltd. on 2-1-2016 for 8 nos. of Wiprow Lamps at Rs.50. VAT @ 4% was charged additionally. |
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Inter-state Purchases attract Central Sales Tax (CST), which is not set-off against Output VAT on sales within the state or Output CST in inter-state sales. The CST paid is treated as a part of pro- curement cost.
Create the following purchase voucher for the Inter-state Purchase transaction
Date |
Party |
Item |
Quantity |
Rate |
Tax |
2-1-2016 |
Swayam Enterprises
(Delhi) |
Philips Lamps |
50 Nos |
200 |
CST 4% |
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In the case of Inter-state Sales, Input VAT can be adjusted against Output CST. Place the Output CST Ledger under the group – Duties & Taxes and classify as CST for auto computation.
Create the following Sales voucher for the Inter-state Sales transaction
Date |
Party |
Item |
Quantity |
Rate |
Tax |
2-1-2016 |
Next Computer |
Philips Lamps |
25 Nos |
350 |
CST 4% |
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Consider the following transaction of TallyERP9Book.Com:
Date |
Party |
Books |
Quantity |
Rate |
2-1-2016 |
Swayam Book Depot |
Tally ERP 9 Accounting Book
Income Tax Management Book |
8 Nos
25 Nos |
450
50 |
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Consider the following sales transaction of TallyERP9Book.Com.
Date |
Party |
Books |
Quantity |
Rate |
2-1-2016 |
Gayatri Associates |
Basumati Rice-5Kg. Bag |
5 Nos |
500 |
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Consider the following transaction:
On 01-5-2016: TallyERP9Book.Com purchased Philips Lamps, 10 nos. at Rs.150 each from an unregistered dealer Swayam Travels |
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Consider the following transaction:
On 01-5-2016: TallyERP9Book.Com purchased Philips Lamps, 10 nos. at Rs.150 each from an unregistered dealer Swayam Travels |
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Consider the following transaction:
On 1-6-2016, TallyERP9Book.Com purchased a “Laser Line Printer” at Rs. 15,00,000 + VAT @ 4% from NeXT Engineering. On 2-6-2016 the Tax authorities allowed a tax credit of Rs. 30000 to be set-off in 12 monthly installments. |
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Inter-state Branch transfers do not attract any tax. The Input Credit on stocks transferred outside the state is allowed only to the manufacturers. However, to put stock transfers and inter-state trade broadly on the same competitive level, 4% of the Input Credit on stock transfer is disallowed.
Branch Transfer transactions can be both (i) Transfer Inwards and (ii) Transfer Outwards. Tally.ERP 9 provides specific VAT classes for these transactions. |
Branch Transfer Outwards : On 1-6-2010 a local purchase was made – 10 Wiprow Lamps were purchased at Rs. 150 each from Fashion Zone and Input VAT of 12.5% was paid on the items. These goods were transferred to a branch outside the state i.e. to the Mumbai Branch |
Adjustment of ITC on Branch Transfers : Input Credit on stocks transferred outside the state is allowed for manufacturers, except for 4% credit, which is disallowed. The disallowed amount has to be transferred to either the Purchase Accounts or into a separate ledger under Direct Expenses. |
Branch Transfer Inwards : On 2-7-2016 consider the transfer of 5 Philips Lamps @ Rs. 300 per No. from TallyERP9Book.Com - Hyderabad |
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