Under VAT Act, import of certain items are exempted from payment of VAT.
Example: Import of machinery for industrialisation, mechanisation of farming, Nuclear reactors, boilers etc. and imports by construction sector etc. are exempt from payment of VAT.
To create a purchase voucher for imports,
Go to Gateway of Tally > Accounting Vouchers > F9: Purchase
Enter the Supplier Invoice Number and Date.
Select the Party’s A/c Name from the List of Ledger Accounts.
Select the Purchase Ledger with the VAT/Tax class - Imports.
The VAT/Tax Class appears as Imports.
Select the Name of Item from the List of Items. Enter the Quantity and Rate.
In the Forex Rate of Exchange field, enter the Rate of Exchange. The amount is automatically displayed in the Amount field.
In Brief Desc for VAT field, enter the brief description of the goods purchased under this invoice.
Note: The brief description entered about the stock will be captured in (F)Brief Description of Supply Box in VAT Annexure.
In CustomsEntryNo field enter the custom entry number.
Note: The Custom Entry Number entered in this field will be captured in (C)Customs Entry Number box in VAT Annexure.
The field Show Statutory Details will be set to No which can be enabled if required.
Enter the details in the field Narration, if required.
Press Y or Enter to accept and save.
Note: The assessable value of purchases made using taxable VAT/Tax classification Imports is captured in box 8 - ZERO RATED PURCHASES (in Value EXCL. VAT) of Form VAT 3.
'imports' has been shared with
