VAT Transactions in Tally (Tutorials-2)
TUTORIAL-2
PURCHASES
XYZ Company purchased material from M/s.Kanna Engg Pvt Ltd., for Rs.54,600 (Basic Value: Rs.52,000 + 5% VAT: Rs.2,600) on 01.05.2013.
XYZ Company purchased material from M/s.BPV Company & Co for Rs.20,610 (Basic Value: Rs.18,000 + 14.5% VAT: Rs.2,610) on 02.05.2013
SALES
XYZ Company sales material to M/s.G.M.Tech India Ltd, for Rs.94,500 (Basic Value: Rs.90,000 + 5% VAT: Rs.4,500) on 02.05.2013
XYZ Company sales material to M/s.Rexi India Pvt Ltd., for Rs.17,175 (Basic Value: Rs.15,000 + 14.5% VAT: Rs.2,175) on 02.05.2013
STEP 1
STEP 2
Enter Purchase Vouchers in Tally
Dt:01.05.2013
Dr. Purchases 5% - Rs.52,000
Dr. Input VAT 5% - Rs.2,600
Dt:02.05.2013
Dr. Purchases 14.5% - Rs.18,000
Gateway of Tally -> Accounting Vouchers -> Click on F8: Sales from right side panel or Press F8
Dr. Purchases 5% - Rs.52,000
Dr. Input VAT 5% - Rs.2,600
Cr. Kanna Engg Pvt Ltd - Rs.54,600
Dt:02.05.2013
Dr. Purchases 14.5% - Rs.18,000
Dr. Input VAT 14.5% - Rs.2,610
Cr. BPV Company & Co - Rs.20,610
STEP 3
Enter Sales Vouchers in Tally
Gateway of Tally -> Accounting Vouchers -> Click on F8: Sales from right side panel or Press F8
Dt:02.05.2013
Cr. Output VAT 5% - Rs.4,500
Dr. G.M.Tech India Ltd - Rs.94,500
Cr. Sales 5% - Rs.90,000 Cr. Output VAT 5% - Rs.4,500
Dt:02.05.2013
Cr. Output VAT 14.5% - Rs.2,175
Dr. Rexi India Pvt Ltd - Rs.17,175
Cr. Sales 14.5% - Rs.15,000 Cr. Output VAT 14.5% - Rs.2,175
VIEW VAT REPORT
Gateway of Tally -> Display -> StatutOry Reports -> VAT-> VAT Computation.
Press Alt+F2-> Change Date From 01.05.2013 To 31.05.2013.
Press Alt+F2-> Change Date From 01.05.2013 To 31.05.2013.
Total Input Tax: (Rs.2,600+Rs.2,610) + Previous Month Input Credit Rs.22,000 = Rs.27,210/-
Total Output Tax: (Rs.4,500+Rs.2,175)=Rs.6,675/-
Total Output Tax: (Rs.4,500+Rs.2,175)=Rs.6,675/-
Excess Input Credit (Input Tax-Output Tax) = Rs.20,535/-
This amount you can adjust in CST Returns or Carried forward to next month.
This amount you can adjust in CST Returns or Carried forward to next month.
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