To record inclusive of tax sales transaction
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
2. Select the Party's A/c Name.
3. Select the Sales Ledger with taxable nature of transaction.
4. Select the stock item for which the option Is inclusive of duties and taxes? is enabled.
To create stock item with inclusive of tax configuration
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Click F12: Configure.
o Set Allow inclusive of tax for stock items? to Yes.
o Press Ctrl+A to save.
3. Enter the name of the stock item in the Name field.
4. Select the required stock group in the Under field.
5. Select unit of measurement in the Units field.
6. Select the option Applicable in the VAT Applicable field.
7. Enable the option Set/alter VAT details.
● Enter Tax Rate and select the option Taxable in the Tax Type field in VAT Details screen.
● Press Ctrl+A to save.
8. Set Is Inclusive of duties and taxes? to Yes.
9. Press Enter to save.
o Enter the Godown, and Quantity.
o Press Enter.
o Enter the the tax inclusive rate for an unit of item in the Rate (Inclusive of Tax) field, in the Inclusive of Tax screen.
o Press Enter.
o Amount is automatically calculated.
o Press Ctrl+A to save, and to return to sales invoice.
5. Select the common VAT ledger. Based on the VAT rate, amount will be automatically displayed.
Ledger must be grouped under Duties & Taxes with the following settings:
● Type of duty/tax is set to VAT. (CST in case of interstate sales)
● Percentage of Calculation is set to 0.
The sales invoice appears as shown below:
6. Press Enter to save.
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