Tax Rate Setup for VAT and Excise

To view the Excise Tariff Setup tool

●      Go to Gateway of Tally > Inventory Info. > Tax Rate Setup > Excise or,

●      Go to Gateway of Tally > Display > Statutory Reports > Excise Reports > Tax Rate Setup.

The Excise Tariff Setup screen appears as shown below:

This screen is divided into:

●     Previous Tariff Configuration

●     Current Tariff Configuration

The Previous Tariff Configuration section displays all tariff information derived from stock item masters in the migrated data.

●     Particulars:

o      Displays excise tariff classifications, the stock groups that use the classifications and the stock items under each group, in a hierarchy. This can be switched to a stock group-wise view.

o      Stock groups or items which were used in transactions with different tariff rates are marked with an asterisk (*).

o      Tariffs with other duty head apart from CENVAT are marked with two asterisks (**).

●     HSN Code: Displays the HSN code of the stock item.

●     Reporting UoM: Displays the UoM of the stock item.

●     Valuation Type: Displays the valuation type of the stock item.

The Current Tariff Configuration section displays excise tariff details set for migrated data in the Excise Tariff Setup screen. Excise tariff details specified at the company, stock group or stock item levels after migration are displayed in brackets.

●     Applicable From:

o      Displays the dates entered, from which the tariff rates are applicable.

o      Excise tariff details specified at the company, stock group or stock item levels after migration, are displayed in brackets.

●     Tariff Rate: Displays the tariff rates specified.

●     HSN Code: Displays the HSN code of the stock item.

●     Reporting UoM: Displays the UoM of the stock item.

●     Valuation Type: Displays the valuation type of the stock item.

The report has 2 types of views:

Rate-wise- In this view, stock items are classified on the basis of the rate at which they have been transacted. Under each rate, respective stock groups and items grouped therein are displayed.

Group-Wise - In this view, items are classified on the basis of the stock group to which they belong.  Under each stock group, items are classified as per the rate at which they have been transacted.

Note: The same rate appears multiple times when it is applied to stock items under multiple groups.

To view the VAT Rate Setup tool

This tool can be viewed from either Inventory Info. or VAT reports menu.

●      Go to Gateway of Tally > Inventory Info. > Tax Rate Setup > VAT or,

●      Go to Gateway of Tally > Display > Statutory Reports > VAT > Tax Rate Setup.

The VAT Rate Setup screen is displayed as shown below:

This screen is divided into:

●     Previous Rate Configuration

●     Current Rate Configuration

The Previous Rate Configuration section displays all VAT rate information derived from transactions in the migrated data.

●     Particulars:

o      Displays VAT tax classifications, the stock groups that use the classifications and the stock items under each group, in a hierarchy. This can be switched to a stock group-wise view.

o      Stock groups or items which were used in transactions with different VAT rates are marked with an asterisk (*).

●     Commodity Name: Displays the commodity name of items used in transactions.

●      Commodity Code: Displays the commodity code of items used in transactions.

The Current Rate Configuration section displays VAT rate details set for migrated data in the VAT Rate Setup screen. VAT rate details specified at the company, stock group or stock item levels after migration are displayed in brackets.

●     Applicable From:

o      Displays the dates entered, from which the VAT rates are applicable.

o      VAT rate details specified at the company, stock group or stock item levels after migration are displayed in brackets.

●     Tax Rate: Displays the tax rates specified.

●     Addl.Tax Rate: Displays the additional tax rates specified.

Note: Additional tax, cess or surcharge appears for different states as applicable.

●     Commodity Name: Displays the commodity name of items used in transactions.

●     Commodity Code: Displays the commodity code of items used in transactions.