To create a Input VAT Ledger
Go to Gateway of Tally > Accounts Info > Ledger > Create
Enter the Name of the ledger, for e.g., Input VAT @ 12% on Goods
In the Under field, select the Duties & Taxes from the List of Groups
Select the Type of Duty/Tax as VAT from the List of VAT/TAX Class
Select the required VAT/Tax Class, for e.g., Input VAT @ 12% on Goods from the VAT/Tax Class list
The option Inventory values are affected will be set to No by default
The Percentage of Calculation will be set based on the VAT/Tax Class selected, for e.g., 12%
The Method of Calculation will be automatically set to On VAT Rate
Accept the screen to save.
Note: From Rel 4.8 an option to provide Bank Details is provided in the Ledger Master.
Note: If the VAT/Tax Class is not selected at the ledger level, the same can be selected during voucher entry.
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