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VAT Input Ledger : The ledger for Input VAT is shown below. Ledger too (Gateway of Tally > Accounts Info > Ledger > Create/Alter.) Sales Ledger : Like in the Purchase Ledger screen, select the required VAT/Tax classification in the Sales
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Select a classification at the Ledger level, you can set this to Not Applicable. The drop down list consists of the Purchase classifications pertaining to your state. Set this to Yes, you will see the Default VAT/Tax Class field.ĭefault VAT/Tax Class : Select the required classification here from the drop down list as shown above. Used in VAT Return : Set this to Yes if you wish to select VAT classifications for this Ledger. The following additional fields, pertaining to VAT, can now be seen in the Ledger entry screen Purchase Ledger : (Gateway of Tally > Accounts Info > Ledger > Create/Alter). The set-up of the next nine characters may, however, be different in different States.
Tally 7.2 notes code#
The first two characters represent the State Code as used by the Union Ministry of Home Affairs. The Tax Payer's Identification Number (TIN) consists of 11 digit Only if this date is greater than theĬompany's current date, the VAT functionality will hold good in your transactions.Įnter your TIN number in this field. Once you do this, you will see the fields Applicable From and VAT TINĪpplicable From : Mention the date from which VAT is applicable. Once you do this, you will see the Use Indian VAT field. State : Select the State from the Drop down list. The next few screen shot will show you how VAT is simplified by Tally 7.2.Ĭompany Creation/AlterationYou can enable Tally VAT in the Company Creation/Alteration screen shown below. Iii) You can receive refunds for Input Credit on exports within a period of three monthsģ. Ii) You can have the Input Credit refunded to you at the end of the current or following If the input tax paid is more than the output tax collected,i) You can carry forward the Input credit and adjust it against the output tax in the To pay the difference to the Commissioner of Taxes (State).Ģ. If VAT-registered businesses receive more output tax than the taxes paid as input, they will need This concept is explained with anĮxample, in the Computation of VAT section. Input credit from the tax collected on sales during the payment period. On the value addition to the goods, and the related VAT liability of the dealer is calculated by deducting the Input tax by a registered dealer against the amount of his output tax. This input credit in relation to any period means setting off the amount of Concept of VAT : The essence of VAT is in providing set-off for input tax and this is applied through theconcept of input credit/rebate.