OPENING STOCK CLAIM

OPENING STOCK CLAIM

VAT is applicable after Sales tax paid on unsold stock. If sales tax is more than VAT tax then the trader claim to VAT officer within 30 days of implementation of the act. The assessing officer verifies it and the credit may be adjusted in six months.

Working steps:-

Create a company and then activate VAT as follow:

To Activate VAT: - G.O.T. (Gateway of Tally)--> Press F11 (Company Features)--> Press F3 (Statutory & Taxation).

Create ledger as follow:-

Path for ledger creation: - G.O.T. (Gateway of Tally)--> Accounts Info--> Ledger--> Create (Single).

Here, press F11 and then F1.

Now do voucher entry:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Accounting Voucher--> Press F7 (Journal Voucher).

The extra tax which is paid to the government is divided into six parts due in the entry passed below:

Now alter in voucher types:-

Path for Alteration in Voucher Types:- G.O.T. (Gateway of Tally)--> Accounts Info--> Voucher Types--> Alter--> Journal.

Again do voucher entry:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Accounting Voucher--> Press F7 (Journal Voucher).

You can see the VAT report.