To create an Input VAT Ledger:
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the VAT ledger, for e.g., Input VAT @ 15% – Goods
Select Duties & Taxes as the group name in the Under field
Select VAT from the Types of Duty/TAX list in the field Type of Duty/Tax
Select the VAT Sub Type as Input VAT
Select the VAT/TAX Class as Input VAT @ 15%
The Percentage of Calculation and Method of Calculation will be displayed based on the VAT/Tax Class selected.
Enter the Opening Balance, if any
Accept the input VAT ledger creation.
Similarly, create the ledgers for levy of input VAT on:
Services by selecting Input VAT @ 15% – Services and
Imports by selecting Input VAT @ 15% on Imports as the VAT/Tax Class.
Note: The opening balance entered in the input VAT ledger creation screen will be captured in Box 18 of MUSAK-19 as the Closing balance of previous period.
The input VAT is chargeable at a fixed rate of 15% on both purchase of goods and service.
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