Friday, October 16, 2009

Sales Entry With Single VAT Rate.

Sales entry with single VAT rate.
Press F12 -> select Invoice/orders entry configuration -> press enter -> set Yes at the option ‘Use common ledger for item allocation?’ -> press enter.
(Note : Select the proper Vat Class While Creating Sales @ 4% A/c and Output Vat 4%.)
Go to Accounting Vouchers from Gateway of Tally and press F8 for sales.
In Party’s A/c Name field : select the party Ledger then press enter
Sales Ledger Field : Select Sales Ledger Sales @ 4%
Name of Item : Select your Stock Item fill the Quantity and Rate and Press Enter twice
Now Select Output Vat 4% ledger amount will come automatically
Press Ctrl + A to save the entry

Value Added Tax (VAT) in Tally ERP 9

Value Added Tax (VAT) in Tally ERP 9
Value Added Tax (VAT) is levy imposed on purchase or sale of goods. It came into effect from 1st April, 2005 in place of State Sales Tax. As a result, the different states of India will have their own state level structure for VAT. The principle rules and regulations governing VAT in various states will remain same, since, they will be based on the ‘White paper on State -Level Value Added Tax’ released by the Empowered Committee of State Finance Ministers constituted by the Ministry of Finance, Government of India.

Types of Dealers.
A trader having turnover less than specified limit must not register under VAT Act but if they want to avail the facility of Input Tax Credit, they can register themselves. But traders who have exceeded the limit have to register themselves.

Unregistered Dealer.
Dealers having turnover less than the limit are not registered under the VAT act. They can maintain normal accounts in tally.

Registered Dealer.
Under the VAT Act, registered dealers may have either of the following status:
• Composite Dealer : Dealer having turn over less than the limit determined for composition, and have opte for composition scheme. They need not maintain VAT accounts but are required to maintain proper accounts to get the turnover figure for computation of composite tax.
• Registered Dealer : Dealers exceeding the specified limit must register under VAT Act. They can claim input tax credit and maintain accounts properly as per VAT rules.