A new and improved statutory enhancement for VAT for the states of Delhi, Karnataka, Maharashtra, Rajasthan and Tamil Nadu is provided in Tally.ERP 9 Release 5.0.
The statutory enhancement for VAT report enables you to identify and correct transactions recorded before filing tax returns. All transactions, whether recorded correctly, incorrectly or inadequately is captured, and categorised in the new report. Further, forms and annexures of the aforementioned states can be generated.
Enhanced Masters and Transaction Experience for VAT
You can now experience the following flexible, intuitive options for transactions and masters:
Configuring the various tax rates and other statutory details at the company and accounts or inventory masters level. These details get automatically applied for transactions.
Defining new, user-defined classifications for masters and transactions.
Overriding the default classifications during transactions.
Statistics of Vouchers
With the statistics of vouchers, you can:
View or verify transactions which are included, excluded or uncertain for tax returns calculation.
Drill down till the voucher level from these included, excluded and uncertain counts.
Alter or correct information instantly for the transactions considered as excluded or uncertain.
Generate VAT returns and annexures, as applicable.
Particulars (Computation Details)
View assessable value and tax amount of sales and purchases - local and interstate. You can also drill-down till the voucher level.
View opening balance of excess Input Tax Credit.
View Nature of Returns for debit and credit note.
Payment Details
View VAT and CST payments and drill-down till the voucher level.
View payments related to advance tax, interest, and penalty.
View payments of tax where the tax liability ledgers are created under current liability.
For more information, click here.
Release 5.0 |
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