VAT & NHIL Return

Every Dealer who is liable to pay tax under Ghana VAT are required to file a monthly return in VAT & NHIL Return not later than the last working day of the subsequent month.

Go to Gateway of Tally > Display > Statutory Reports > VAT Reports > VAT Return

Press S: Select Printer button (Alt+S), select the required printer and set the Paper Type as A4.

In the Print Report screen of VAT & NHIL Report enter the Status/Designation of the Authorised person, Place, Date and Due Date for filing return. The Print Report screen displays as shown:

The VAT & NHIL Return displays as shown:

The explanation on VAT & NHIL Return is given below:

DUE DATE FOR SUBMISSION OF RETURN: The date entered in Due Date for Submission field of VAT & NHIL Return Print Report screen is captured here.

TAX IDENTIFICATION NUMBER (TIN): The VAT TIN entered in Company Operations Alterations screen of F3: Statutory & Taxation features is captured here.

IF THE RETURN FOR THE PERIOD IS NIL TICK HERE: If there are no purchases or sales for the return period, a tick mark will be displayed here.

VALUE OF TAXABLE SUPPLIES (OUTPUT) (EXCLUDING VAT & NHIL): The net assessable value of sales made using the VAT/Tax class - Sales @ 12.5% is captured here.

VAT + NHIL: The aggregate value of output tax and output NHIL of all taxable sales recorded using the VAT/Tax class - Output VAT @ 12.5% and Output NHIL @ 2.5% is captured here. The net value is captured after considering sales returns.

ZERO RATE: The net assessable value of sales made using the VAT/Tax class - Sales - Zero Rated is captured here.

EXEMPT: The net assessable value of sales made using the VAT/Tax class - Sales - Exempt is captured here.

VAT + NHIL REMITTED: The VAT and NHIL paid to the Department is captured here. The payment entry needs to be recorded in Payment Voucher using Stat Payment button. The payment details need to be entered in VAT Payment Details screen to capture information in appropriate fields of the return form.

LOCAL INPUTS: The net assessable value of sales made using the VAT/Tax class - Purchases @ 12.5% is captured here.

VAT + NHIL: The aggregate value of input tax and input NHIL of all taxable purchases recorded using the VAT/Tax class - Input VAT @ 12.5% and Input NHIL @ 2.5% is captured here. The net value is captured after considering purchase returns.

IMPORTS:  The net assessable value of purchases made using the VAT/Tax class - Purchases - Imports @ 12.5% is captured here.

VAT + NHIL: The aggregate value of input tax and input NHIL of all taxable purchases recorded using the VAT/Tax class - Input VAT @ 12.5% on Imports with Input NHIL @ 2.5% is captured here. The net value is captured after considering purchase returns.

TOTAL INPUT (VAT + NHIL): The total of input VAT on purchases within Ghana and Imports along with input NHIL is captured here [box 8 (VAT + NHIL) + box 10 (VAT + NHIL)]

DEDUCTIBLE INPUT (VAT + NHIL) FOR THE PERIOD: The total input tax as per box 11 is displayed here.

EITHER-NET PAYMENT DUE FOR THE PERIOD (Box 3 minus box 12): The net output VAT amount is captured here [box 3 (VAT + NHIL) - box 12 (DEDUCTIBLE INPUT (VAT + NHIL) FOR THE PERIOD)].

OR NET CREDIT FOR THE PERIOD (Box 12 minus box 3): The excess of input tax remaining after making adjustments against the output tax for the return period is captured here [box 12 (DEDUCTIBLE INPUT (VAT + NHIL) FOR THE PERIOD) - box 3 (VAT + NHIL)].

CREDIT BROUGHT FORWARD FROM LAST MONTH: The opening balance entered in input VAT ledger master or input tax brought forward from previous return period is displayed here.

DECLARATION: The details captured here are given below:

• Name: The name of Authorised Person entered in Company Operations Alteration screen of F3: Statutory & Taxation features

• I ATTACH Cheque NO.: The Cheque number entered in VAT Payment Details of payment voucher recorded using Stat Payment button.

• NAME OF BANK: The Name of the Bank entered in VAT Payment Details of payment voucher recorded using Stat Payment button.

• DATED: The Deposit Date entered in VAT Payment Details of payment voucher recorded using Stat Payment button.