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https://help.tallysolutions.com/docs/te9rel49/Value_Added_Tax/Composite_VAT/Enabling_Composite_VAT.htm

Enabling Composite VAT in Tally.ERP 9

 

To enable Composite VAT in Tally.ERP 9,

Go to Gateway of Tally> F11: Features> F3: Statutory & Taxation

  1. In the Company Operations Alteration screen,

  2. Set Enable Value Added Tax to Yes

  3. Enable Set/Alter VAT Details

  1. Press Enter to view the Company VAT Details screen

Note: The procedure for providing the appropriate details in respective fields of Company VAT Details screen is given with respect to Karnataka State. You can select the required state from the List of States displayed to import the state-specific statutory masters.

  1. In the Company VAT Details screen, specify the VAT Details and return form specific Additional Information.

  2. Under VAT Details section:

  • Select the State as Karnataka

  • Select the Type of Dealer as Composition

   

  • Enter the date in the Composition Scheme Applicable From field

  • Under Additional Information section:

  • LVO/VSO Code: Enter the LVO/LSO code in this field.

  • Authorised Person: Enter the Name of the person authorised to sign the return form.

  • Status/Designation: Enter the status/designation of the authorised person in this field.  

  • Place: Enter the name of Place where the return is being filed.

Press Enter to save the details and return to the Company Operations Alterations screen.

The details entered in the additional information fields will be captured in the Print Report screen of return form.

In the Print Report screen of Return Form, the details in the fields - Authorised Person, Status/Designation and Place can be changed as per requirement. On exiting the screen, the temporarily modified details will not be saved. Every time the report is generated, the information entered in the Company VAT Details screen of F3: Statutory & Taxation Features will be displayed.

  1. A brief description on the fields pertaining to Tax Information that appears in the Company Operations Alterations screen is given below.

  2. VAT TIN (Composition): Enter the Tax Identification Number (TIN) in this field. The TIN is 11 digit number.

  3. VAT TIN (Regular): This field will be skipped on selecting the Type of Dealer as Composite

  4. Local Sales Tax Number: This field will be skipped automatically

  5. Inter-State Sales Tax Number: Enter the Inter-State Sales Tax Number

  6. PAN/Income - Tax No.: Enter the Permanent Account Number in this field. The PAN is a 10 digit alphanumeric number.

The detailed explanation on the procedure of enabling VAT, recording transactions and making the adjustment entries as per the state-specific statutory requirements can be obtained in the Statutory Reference Manual. The same can be downloaded by clicking on the Download button in our website www.tallysolutions.com

 

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