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"Lab Practice" on VAT @ Tally.ERP 9

 

1- Enabling Value Added Tax (VAT)

 

2- Creating MASTERS affected by VAT

The ledgers that are affected by VAT are:

‡       Purchase Ledger
‡       Sales Ledger
‡       Input VAT Ledger & Output VAT Ledger
‡       Party Ledger
‡       Stock Items      

 

3- Creating Purchase Voucher without Inventory

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.)

 

4- Creating Purchase Invoice with default VAT Class

On 2-6-2015, TallyERP9Book.Com purchased from Fashion Zone Bangalore, Philips Lamps 30 Nos. at Rs. 300 each. VAT @ 4% was charged additionally.

 

5- Creating Purchase Invoice with Selection of VAT Class during Entry

On 2-6-2015, TallyERP9Book.Com purchased from Fashion Zone Bangalore, Philips lamps 10 Nos. at Rs. 300 each. VAT @ 4% was charged additionally.

 

6- Creating Purchase Invoice with Multiple VAT Rates

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

 

 

7- Creating Sales Voucher without Inventory

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.

 

8- Creating Sales Invoice with default VAT Class

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

 

9- Printing Sales Invoice

 

10- Creating Sales Invoice with Selection of VAT Class during Entry

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.

 

11- Creating Sales Invoice with Multiple VAT Rates

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.

 

12- Creating Sales Invoice using Voucher Class

On 1-1-2016, TallyERP9Book.Com sold 1 Wiprow Lamp at Rs. 350 to Emami Papers Ltd.. The goods are taxable @ 4% VAT.

 

13- Sales Returns

On 2-1-2016, Hari Plast P Ltd. returned 1 No. Wiprow Lamp to TallyERP9Book.Com.

 

14- Purchase Returns

TallyERP9Book.Com returns 1 No. Philips Lamps to Fashion Zone from the earlier purchases made from them.

 

15- Display VAT Computation Report

 

16- Rate Differences in Purchases

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.

 

17- Rate Differences in Sales

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.

 

18- Inter-state Purchases

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%

 

19- Inter-state Sales

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%

 

 

20- Exempted Purchases

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

 

 

21- Exempted Sales

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

 

22- Purchases from Unregistered Dealers

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
 

22- Purchases from Unregistered Dealers

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
 

23- Claiming ITC on Capital Goods

Consider the following transaction:

 

On 1-6-2016, TallyERP9Book.Com purchased aLaser 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.
 

24- Inter-State Branch Transfers

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
 
 
Company Information @ Tally.ERP9
Group & Ledger

Introduction
1. THE GROUP
2. THE LEDGER
3. VOUCHERS TYPES

Advanced Inventory / Stock
Meaning
Order Processing
Re-Order Levels
Tracking Numbers
Batch-wise Details
Additional Cost Details
Bill of Materials (BOM)
Price Lists and Price Levels
Stock Valuation
Zero Valued Entries
Inventory Ageing Report
Actual and Billed Quantities
Advanced Usage of Vouchers
Maintain Bill-wise Details
Cost Center and Cost Category
Interest Calculation
Reversing Journals
Post-Dated Voucher
Memo (Memorandum) Voucher
Optional Voucher
Using Tracking Number
 
Statutory & Taxation
Utilities & Others @ Tally.ERP9
Credit Limits
Knowledge Base @ Tally.ERP9
Stock Items
Stock Groups
Inventory Masters
Inventory Vouchers
Inventory Report Statements
Balance Sheet
Accounting Reports
Accounting Vouchers
Interest Calculation
VAT-Value Added Tax
Service Tax
TDS (Tax Deducted at Source)
Disclaimer

The names of Companies and persons used in this Website have been used for illustrative purposes only.
The visitors may visit www.tallysolutions.com , the web site of Tally Solutions Pvt. Ltd. for resolving their doubts or for clarifications

Trademark :

Tally, Tally 9, Tally9, Tally.ERP, Tally.ERP –9, Tally.Server 9, Tally.NET & Power of Simplicity are either registered trademarks or trademarks of Tally Solutions Pvt. Ltd. in India and/or other countries. All other trademarks are properties of their respective owners. This Website is not associated with any product or vendor mentioned in this Website.

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