VAT Computation : Creating VAT Masters in Tally ERP 9
Back to: Certification in GST and Direct Taxation
VAT and CST masters in Tally ERP 9:
Example:
Let us see how to create VAT and CST Masters of Chroma Electronics Pvt Ltd in Tally ERP 9.
Input VAT Ledger Head:
Input VAT is incurred during making purchase of Goods. Say VAT Rate is 5% on those goods.
- Go to Gateway of Tally.
- Go to Masters.
- Go to Accounts Info.
- Go to Legers.
- Enter name “Input Vat @ 5%”
- Select Group as “Duties and Taxes” .
- Select Type of Duty as VAT
- Select Sub-Type of Duty as Input VAT
- Select Class as “Input Vat @ 5%”
- Round Method “Normal Rounding” and Limit as “1”.
- Accept the screen and Input VAT @ 5% Ledger head will be created.
Output VAT Ledger Head:
Output VAT is incurred during making Sales of Goods. Say VAT Rate is 5% on those goods.
- Go to Gateway of Tally.
- Go to Masters.
- Go to Accounts Info.
- Go to Legers.
- Enter name “Output Vat @ 5%”
- Select Group as “Duties and Taxes” .
- Select Type of Duty as VAT
- Select Sub-Type of Duty as Output VAT
- Select Class as “Output Vat @ 5%”
- Round Method “Normal Rounding” and Limit as “1”.
- Accept the screen and Output VAT @ 5% Ledger head will be created.
Sales Ledger for VAT Sales :
VAT Rate is 5% on goods we selling.
- Go to Gateway of Tally.
- Go to Masters.
- Go to Accounts Info.
- Go to Legers.
- Enter name “Sales @ 5%”
- Select Group as “Sales account” .
- Select Option “Used in VAT Return” as “Yes”
- Select Class as “Sales @ 5%”
- Keep “Used to calculate Assessable Value” Option as “No”
- Accept the screen and Sales @ 5%” Ledger head will be created.
