VAT in Tally

VAT Implement in Tally

This Tally ERP 9 new version of Tally in accordance with the VAT tax system adopted by any state in our country.  Is in front of accounting.  According to the trade going on in each state, the form and annexures are required to submit the return of VAT there.  Keeping this in mind, VAT reports have been added to the tally as per the requirement of each state.  

VAT in Tally

Apart from this, each state VAT percentage and rules of refund, etc. are different, for this many types of tally vouchers have to be made.  These are called adjustment vouchers.  Which are made according to the VAT class?  If you want to do VAT accounting easily in this new version of Tally, then you have to understand the process of making these vouchers carefully.  Although all these vouchers appear to be the same there are differences, which leads to the creation of different reports.  

Rules to enable all taxes in Tally ERP 9: 

Gateway of Tally → Press F11 → Statutory & Taxation


Opening a company with VAT in Tally 
Select your state for VAT accounting at the time of opening the company in Tally.  This will tailor the tally according to the VAT tax system of that state and you will be able to make entries related to VAT in it.  To open a company in Tally, first of all, go to F3 Features and activate VAT function by Yes.  And the Option Set Alter Details given below the same also opens the following window in front of us.

Keep in mind: Generally, in Types of Dealer, only take regular, not composition, as the composition scheme is only for small traders with annual turnover up to 50 lakhs.  The returns of these traders go annually, but the tax has to be deposited quarterly.  Composition Tax 0 of total sales to these traders.  A 25% tax has to be paid.  Under this scheme, traders are not required to keep VAT records (eg: VAT Invoice (Bill), etc.) nor can these traders collect the Output Tax from the customer. 

 Opening of accounts with VAT in Tally 
After Yes in VAT in Tally, we have to create a Ledger of Purchase and Sales.
  
1.  Creating a Purchase Ledger Steps: Gateway of Tally → Account  Info.  → Ledger → Create 
After that fill the following details in it and exit by pressing Enter.  I.  Name - Purchase @ 4%/ 1% / 12.  5% / Exmp.  
II.  Under - Purchase A / c 
III.  Used in VAT Return - Yes
IV.  Use VAT Class - 4% / 1% / 12.  5% / Exmp.  
       Finally, if there is an opening balance, you can enter it.  

2. Creating Sale Ledger 
     
  Steps: Gateway of Tally → Account Info.  → Ledger + Create        
VAT in Tally


   After that fill the details in it and exit by pressing Enter.  
   I.  Name - Sale @ 4% / 1% / 12.  5% / Exmp.  
   II.  Under - Sales A / c 
   III.  Used in VAT Return - Yes 
   IV.  Use VAT Class - 4% / 1% / 12.  5% / Exmp.  Finally, if there            is an opening balance, you can enter it.  

3.  Creating Supplier Ledger (Sundry Creditor) 
     
Steps: Gateway of Tally → Account Info.  → Ledger → Create       

After that fill in the details and enter by pressing Enter.  
I.  Name - Name of Sundry Creditor (Ex. Vikash) 
II.  Under - SundryCreditor 
III.  Maintain Bill by Bill - Yes 
IV.  Use Credit Period Detain - Fill as per need.  RECE
If there is an opening balance in it, then it can be entered.

4. Creating Customer Ledger (Sundry Debtor) 

Steps: Gateway of Tally - Account Info.  → Ledger → Create After that fill the following details in it and exit by pressing Enter.  
I.  Name - Name of Sundry Debtor (Ex. Avinash) 
II.  Under - Sundry Debtor 
III.  Maintain Bill by Bill - Yes. Finally, if there is an opening balance, you can enter it.

5.  Creating Input VAT Ledger 
    
 Steps: Gateway of Tally → Account Info.  → Ledger → Create 

After that fill in the following details and press Enter.  
1. Name - Input VAT 1% / 4% / 12.  5% 
II.  Under - Duty & Taxes 
III.  Type of Duty / Tax - VAT 
IV.  Inventory Value is affected - No IV.  Percentage of Calculation - 1% / 4% / 12.  5% of VAT IV.  Method of Calculation - On VAT Rate 

6.  Creating Output VAT 
   
  Steps: Gateway of Tally → Account Info.  → Ledger → Create 

After that fill the following details in it and exit by pressing Enter.  

I.  Name - Output VAT 1% / 4% / 12.  5% 
II.  Under - Duty & Taxes 
III.  Type of Duty / Tax - VAT 
IV.  Inventory Value is affected - No 
V.  Percentage of Calculation - 1% / 4% / 12.  5% of VAT VI.  Method of Calculation - On VAT Rate

7.  Entering Purchase Voucher 
     
Steps: Gateway of Tally → Accounting Voucher → F9 → Ctrl + V (For Invoice Mode)

After that fill the following details in it and exit by pressing Enter.  I.  Ref.  - Fill Reference Number 
II.  Date - Fill the date with F2.  
III.  Select Party's Account Name - Supplier (Sundry Creditor) from the list.  Such as Vikash 
IV.  VAT / Tax Class - Select from the list the tax levied on the purchase.  (Eg: 4% / 1% / 12. 5% / Exmp. 
IV. Enter to (insert these) - Item Name, Quantity, Rate and Amount will come automatically. After inserting these, enter Input VAT Ledger. 

8.  Entering Sales Voucher 
     
Steps: Gateway of Tally → Accounting Voucher → F8 → Ctrl + V (For Invoice Mode) SUSHRAVoucheratoreati

Then fill the following details in it and exit by pressing Enter.
I.  Ref.  - Fill Reference Number 
II.  Date - Fill the date with F2.  
III.  Select Party's Account Name - Customer (Sundry Debtor) from the list.  Such as Avinash |  
IV.  VAT / Tax Class - Select the tax on sales from the list.  (Eg: 4% / 1% / 12. 5% / Exmp.) 
IV.  Enter to (insert these) - Item Name, Quantity, Rate and Amount will come automatically.  After inserting these, select Output VAT Ledger and enter the VAT rate and enter the required narration.


9.  Seeing VAT Report
     
Steps: Gateway of Tally → Display → Statutory Report → VAT Report → VAT Computation 

After this, you can analyze VAT Computation (calculation) according to the details given in the picture and print it out according to the need.  Can.  

10.  Viewing VAT Form 
     Steps: Gateway of Tally → Display → Statutory Report → 
      VAT Report VAT Form 
       After this, you can analyze VAT Return as per details given in the picture and print it out according to the need.

11.  Seeing VAT Annexures (Attachments) 
        Steps: Gateway of Tally → Display → Statutory Report -                 VAT Report → VAT Return 
        
After this analysis of VAT Annexures (Attachments) which are attached to VAT Return as per details given in this figure (  Analysis) and if desired, you can print it out according to need.  

12.  Multi VAT System 

Under the Multi VAT System, we can include multiple VAT rates (eg: - 1%, 4%, 12. 5% Exempted) in a single Invoice.  For example, if a business has a lot of items (For Ex.: A. C., Mobile, Computer) and the VAT rate of each is different, then A.  C.  VAT rate of 4% and mobile 12.  VAT rate of 5% and the Computer is 1%.  Now if we come across a customer who buys all three items from us is.  So for this, we have to include all three items in the same Invoice.  To activate the Multi VAT option, let us go to the option box as pictured by F12 Features and select the following options.  
(i) Use Common Ledger A / c for Item Allocation No.  
(ii) Yes to Allow Selection of VAT / Tax Class during Entry.  
(iii) Yes to Warn on Mismatch in VAT rates.  

Adjustment Toward Refund Claim (Adjustment of Refund Claim) 

Steps: Gateway of Tally → Accounting Voucher → F7 

GeneralVoucher Mode → Select toVATAdjustment Class 
(As a Voucher Class) → Use for field Adjustment towards refund claim After that fill in the following details and press Enter  get out 

I.  Input VAT - Credit 
II.  Narration - Enter the required narration.


Amount of Adjustment Tax-Deferred (Acceptable Tax Amount Adjustment)

Steps: Gateway of Tally → Accounting Voucher → F7 → General Voucher Mode → Select to VAT Adjustment Class Asa Voucher Class) Use for field Amount 

After this fill in the following details and press Enter  Get out  
I.  List of Ledger Account (Current Asset) → Net VAT Payable - Credit 
II.  Voucher Type Class → VAT Adjustment Class

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