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https://help.tallysolutions.com/docs/te9rel51/Release_5_1/Highlights.htm

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VAT

A new and improved statutory enhancement for VAT for the states of Andhra Pradesh, Chandigarh, Gujarat, Kerala, Telangana, and Uttar Pradesh is provided in Tally.ERP 9 Release 5.1.

Benefits

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.

This statutory experience has been enhanced for the following Indian states:

  • Andhra Pradesh

  • Chandigarh

  • Gujarat

  • Kerala

  • Telangana

  • Uttar Pradesh

Tax Rate Setup Tool

Now you can be up and running with Tally.ERP 9 Release 5.1 in no time at all. After migration of VAT and excise data from releases prior to 5.0, to release 5.1, use the Tax Rate Setup tool to confirm VAT or excise tariff rates, and you can start recording transactions immediately.

The entire process of setting VAT or excise tariff rates is easy, effective and quick.

Benefits

The Tax Rate Setup Tool helps you to:

  • Confirm or change VAT rates or excise tariff details of stock items from one single screen.

  • Re-group items with same VAT rates or excise tariff details without changing the main grouping. This ensures clarity in reporting while making it easy to apply rate changes to a large number of stock items all at once.

  • Specify different dates from which various VAT rates and excise tariffs are applicable.

See Also :

Release 5.1

 

  

*States covered for enhanced VAT experience

 

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