Creating an Output VAT Ledger (Bangladesh)

To create an Output VAT Ledger:

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

1. Enter the Name of the Output VAT ledger, for e.g., Output VAT @ 15% – Goods

2. Select Duties & Taxes as the group name in the Under field

3. Select VAT from the Type of Duty/Tax list in the field Type of Duty/Tax

4. Select the VAT Sub Type as Output VAT.

5. Select VAT/Tax Class – Output VAT @ 15% from the VAT/TAX Class list in the next field

5. The Percentage of Calculation and Method of Calculation will be displayed based on the VAT/Tax Class selected.

6. Accept the output VAT ledger creation screen.

Similarly, create a ledger for charging output VAT on services by selecting Output VAT @ 15% – Services as the VAT/Tax Class.

Note:The output VAT is chargeable at a fixed rate of 15% on both sale of goods and service.