To create an Input VAT Ledger,
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the Input VAT ledger
In the Under field, select Duties & Taxes from the List of Groups
Select VAT in the Type of Duty/Tax field
In VAT Sub Type select Input VAT from the List of VAT SubTypes screen
Select the input VAT classification in the VAT/Tax Class field
The Percentage of Calculation and the Method of calculation will be displayed based on the VAT/Tax Class selected.
Accept the Input VAT ledger.
Note: The VAT/Tax Classifications pertaining to input tax will be displayed for selection based on the State and the Type of Dealer pre-defined in the F3: Statutory & Taxation Features. The VAT/Tax classifications displayed for input tax in this example pertains to Karnataka State.
'Input VAT Ledger' has been shared with
