You can maintain only accounting books in your company, where you don't have to track inventory details and generate inventory reports. Also, an accounts only company can be fully VAT compliant.
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Configure the company as Accounts Only
Enable VAT and Configure VAT Details in an Accounts Only Company
1. Go to Gateway of Tally > F11: Features > F1: Accounting Features .
2. Enable the option Maintain accounts only as shown below:
3. Press Ctrl+A to accept.
1. Go to Gateway of Tally > F11: Features > Statutory & Taxation .
2. Set the option Enable Value Added Tax (VAT)? to Yes .
3. Enable the option Set/alter VAT details? as shown below:
The Company VAT Details screen appears. In this screen,
4. Enter the 11 digit TIN starting with state code.
5. Enter the Interstate sales tax number .
6. Enter the date in the VAT applicable from field.
7. Select the Periodicity of e-VAT Annexures? to Monthly or Quarterly .
8. Set the option Set/alter tax/rate details to Yes . In the Tax/Rate Details screen, click F12: Configure and set all the options to Yes .
o Enter the CST Rate Against Form C , Tax rate , Commodity name , Commodity code and Sub Commodity code as shown below:
These details provided at the company level are captured in the relevant fields/rows/columns of the return forms and annexures.
9. Set the option Define VAT commodity and tax details as masters? to Yes if a VAT Classification which is predefined with tax details has to be applied in the accounting masters.
10. Enter the tax filing details in the fields LVO/VSO code , Authorised person , Status/designation and Place as shown below:
11. Press Ctrl+A to accept.
12. Press Ctrl+A to accept, and return to the Company Operations Alteration screen.
13. Enter the PAN/Income tax no.
14. Enter the Corporate Identity No. (CIN) .
15. Press Enter to save.
VAT is now configured for the accounts only company. You can create the required masters and record transactions.
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