The VAT Rate Setup tool maintains the history of tax rates configured for the company.
This tool helps to configure VAT and CST rates of all stock groups and items in release 5.x. If there are multiple stock items, this tool makes it very easy to configure rates and tariffs for all from one screen. It is a an auto migration tool which displays the VAT rates as defined in the earlier versions of Tally.ERP 9. You can use these defined VAT rates in your transactions.
To set VAT rates
1. Go to Gateway of Tally > Inventory Info. > Tax Rate Setup > VAT or,
Go to Gateway of Tally > Display > Statutory Reports > VAT > Tax Rate Setup .
2. Click F1 : Detailed . The VAT Rate Setup screen appears as shown below:
3. Select stock groups or stock items.
4. Click S : Set Rate to view the VAT Details screen.
5. Click F12: Configure to enter details of nature of goods and commodity details, if required.
To enter details of nature of goods and commodity details
1. Click F12: Configure in the Set VAT Details screen.
2. Enable the following option as required.
● Provide commodity details?
3. Press Enter to save.
6. Click L : Details to view all VAT rates used for the stock item. Different VAT rates with their Applicable From date can also be specified.
To specify different dates from which various VAT rates would be applicable
1. Click L : Details .
2. Enter the Applicable From date.
3. Enter Commodity Name .
4. Enter Commodity Code .
5. Enter Tax Rate .
Enter 0% Tax Rate to select an exemption type.
6. Enter tax rates for other taxes like additional tax, cess, surcharge etc. as applicable.
7. Press Ctrl+A to accept the screen .
Note: VAT details are displayed automatically in the VAT Details screen if information is specified by clicking L : Details .
7. Enter Tax rate . The VAT Details screen appears as shown below:
8. Press Enter to save.
The VAT Rate Setup screen with all rate details set for a stock item, appears as shown below:
To change the period of VAT Rate Setup
● Click F2: Period in the VAT Rate Setup screen.
● Specify the date range to view VAT rates of stock items.
Note : The VAT Rate Setup screen displays information from the current date, till the first day of the previous month. Specify a date range that covers all VAT rate changes over a period of time.
To change the stock group of a stock item
1. Press Ctrl+G in the VAT Rate Setup screen. The Alter Stock Group for Selected Item(s) screen appears as shown below:
2. Select a stock group to move the stock item.
3. Press Enter .
Note: Select a stock group in the VAT Rate Setup screen. Press Alt+C to create a new sub-group under any of the existing groups. Stock items can be moved to the new sub-group. This makes it easy to group stock items with the same VAT rates. Any rate changes can be applied to the whole sub-group without having to change them manually for each stock item.
Enforce Rate option allows configuration of rate details for a group and automatically clears rate from items under it. The details recorded at group level is inferred to sub-groups and items, however, item level changes are allowed and same will be considered for the particular item.
To enforce rate for a group and clear tax details from items
1. Click F : Enforce Rate in the VAT Rate Setup screen.
2. Enter Tax rate .
A warning message appears as shown below:
3. Click Yes to continue with enforcing the rate change.
1. Press Ctrl+C . A message appears as shown below:
2. Click Yes to clear rate for the item.
Multiple items can be selected using Space Bar to clear the tax details.
1. Click F12: Configure .
2. Enable the option Show pre-configured VAT rate detals? .
3. Press Ctrl+A to accept.
The VAT Rate Setup screen with Previous Rate Configuration and Current Rate Configuration appears as shown below:
The Previous Rate Configuration section displays all rate information derived from stock item masters in the migrated data.
To view groups/items without tax rate
1. Click F12: Configure .
2. Select the option Without configured/inferred rate as Show items based on availability of tax details .
3. Press Enter .
The VAT Rate Setup screen with details of groups/items without tax information appears as shown below:
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