To generate VAT Form 16
1. Go to Gateway of Tally > Display > Statutory Reports > VAT > VAT Form 16.
2. Press Ctrl+P.
3. Press Enter to print the form.
The printed Form VAT - 16 is shown below:
A brief explanation about the form fields is given below:
Field Name |
Description |
Tax Period |
Displays the month and year for which the return is filed. |
1 PARTICULARS OF BUSINESS |
|
1.1 Full Name of Applicant (M/s) |
Displays the Mailing Name entered in the Company Creation screen. |
1.2 Address of Applicant |
Displays the Address entered in the Company Creation screen. |
Pin |
Displays PIN Code entered in the Company Creation screen. |
State |
Displays the State selected in the Company Creation screen. |
Tel |
Displays the Telephone No. entered in the Company Creation screen. |
Fax |
Displays the Fax No. entered in the Company Creation screen. |
1.3 VRN |
Displays the TIN entered in Company VAT Details screen of Statutory & Taxation features. |
2 Details of Purchases |
|
During the Period: From and To |
Displays the dates of Form 16 report period. |
2.1 Sr. No |
Displays the serial number for the purchase transactions. |
2.2 Value of Imports |
Displays the net assessable value of purchases with Imports selected as the nature of transaction. |
2.3 Value of inter-state purchases |
Displays the net assessable value of inter-state purchase transactions. Displays the value of purchases recorded with the following nature of transactions: ● Interstate Purchase - Against Form C ● Interstate Purchase Deemed Export ● Interstate Purchase - E1 ● Interstate Purchase - E2 ● Interstate Purchase Exempt - E1 ● Interstate Purchase Exempt ● Interstate Purchase - Zero Rated ● Interstate Purchase - Taxable ● Interstate Purchase Deemed Export |
2.4 Value of intra-state purchases |
Displays the net assessable value of local purchases. Displays the value of purchases recorded with the following nature of transactions: ● Purchase From Unregistered Dealer ● Purchase Taxable ● Purchase Taxable - Capital Goods ● Purchase - Tax Free ● Purchase Notional - Capital Goods ● Purchase Deemed Export ● Purchase Exempt: In the ledger, o The Party Entity/Org. Type is set to Exempted Unit or Not Applicable. o The Schedule option is set to Schedule H. |
2.5 VAT paid on purchases (input tax) |
Displays the following transaction details: ● Net value of input VAT calculated on local purchases. Displays the net value of input VAT calculated on purchases recorded with the following nature of transactions: ● Purchase Taxable ● Purchase Taxable - Capital Goods ● Purchase - Notional ITC ● Purchase - Capital Goods Notional ITC ● Debit value of input VAT entered in journal voucher to avail tax credit on purchase of capital goods. To avail input tax on capital goods 1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal. 2. Click J: Stat Adjustment to view the Stat Adjustment Details screen and set the options as given below: o Select VAT as the Type of duty/tax. o Select Input Tax Credit Admitted On Capital Goods as the Nature of Adjustment. 3. Debit the input VAT ledger. 4. Select the purchase reference and enter the purchase details in Credit Settlement Details screen. 5. Enter the tax amount. 6. Credit the ledger grouped under Current Assets. 7. Press Ctrl+A to save. ● Debit value of notional tax credit entered in journal voucher to avail tax credit on purchase of capital goods. To record the notional tax credit on capital goods in journal voucher 1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal. 2. Click J: Stat Adjustment to view the Stat Adjustment Details screen and set the options as given below: o Select VAT as the Type of duty/tax. o Select Notional Input Tax credit on Capital Goods as the Nature of Adjustment. o Select on Capital Goods in Additional Details section. 3. Debit the notional input tax ledger. Note: To identify a ledger for notional tax, in the ledger grouped under Duties & Taxes with Type of duty/tax set to VAT, set the option Use for Notional ITC to Yes. 4. Select the purchase reference and enter the purchase details in Credit Settlement Details screen. 5. Enter the tax amount. 6. Credit the ledger grouped under Current Assets. 7. Press Ctrl+A to save. |
3 DETAILS OF SALES |
|
During the Period: From and To |
Displays the dates of Form 16 report period. |
3.1 Sr. No |
Displays the serial number for the sales transactions. |
3.2 Value of exports out of India |
Displays the net assessable value of sales with Exports selected as the nature of transaction. |
3.3 Value of inter-state sales |
Displays the assessable value of inter-state sales transactions. Displays the value of sales recorded with the following nature of transactions: ● Interstate Deemed Export ● Interstate Sales - Against Form C ● Interstate Sales - E1 ● Interstate Sales Exempt - E1 ● Interstate Sales - E2 ● Interstate Sales - Taxable ● Interstate Sales - Zero Rated ● Interstate Sales Exempt ● Interstate Sales - Works Contract |
3.4 Value of intra-state sales |
Displays the net assessable value of local sales. Displays the value of sales recorded with the following nature of transactions: ● Sales - Works Contract ● Sales Taxable ● Deemed Export ● Sales - Tax Free ● Sales Zero Rated: The option Party Entity/Org. Type can be set to any of the following: o Not Applicable o Diplomatic Missions, U.N, UNICEF, WHO & Foreign Aid o SEZ / STP / EHTP ● Sales Exempt: In the ledger, the Party Entity/Org. Type can be set to Exempted Unit or Not Applicable. |
3.5 VAT (output tax) |
Displays the net value of output VAT calculated on local sales. Displays the value of output VAT on sales recorded with the following nature of transactions: ● Sales Taxable ● Sales - Works Contract |
4 Net tax payable |
Displays auto-calculated value. |
Name |
Displays the Name entered in the Print Report screen of Form 16. |
Designation |
Displays the Status/Designation entered in the Print Report screen of Form 16. |
'Printing Form 16 (Chandigarh)' has been shared with
