VAT TAX CLASS

VAT TAX CLASS

VAT Tax Class is used to pre - define a ledger specified in Purchase/ Sales Voucher.

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).

And then create ledger as follow:-

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

Create stock master as follow:-

To Create Stock Group: - G.O.T. (Gateway of Tally)--> Inventory Info--> Stock Group--> Create.

To Create Stock Item: - G.O.T. (Gateway of Tally)--> Inventory Info--> Stock Item--> Create--> Press F12 (Configuration).

Now alter in voucher types (purchase and sales) as follow:-

Path for Purchase Voucher Type Alteration: - G.O.T. (Gateway of Tally)--> Inventory Info--> Voucher Types--> Alter--> Purchase.

Path for Sales Voucher Type Alteration: - G.O.T. (Gateway of Tally)--> Inventory Info--> Voucher Types--> Alter--> Sales.

After that do purchase voucher entry:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F9 (Purchase Voucher)--> Purchase Class.

And then do sales voucher entry:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F8 (Sales Voucher)--> Sales Class.

You can see the VAT computation:-

Path for view VAT computation: - G.O.T. (Gateway of Tally)--> Display-->Statutory Report--> VAT Report--> VAT Computation.

Now create voucher types:-

Path for Voucher Type Creation: - G.O.T. (Gateway of Tally)--> Inventory Info--> Voucher Types--> Create.

And then do Journal Voucher entry as follow:-

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

Press F5 to open Payment Voucher.

See the VAT computation report:-

Path for view VAT computation: - G.O.T. (Gateway of Tally)--> Display--> Statutory Report--> VAT Report--> VAT Computation.

Press ”Alt + F1” for more details.