To create an Output VAT Ledger:
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the Output VAT ledger, for e.g., Output VAT @ 15% – Goods
Select Duties & Taxes as the group name in the Under field
Select VAT from the Type of Duty/Tax list in the field Type of Duty/Tax
Select the VAT Sub Type as Output VAT.
Select VAT/Tax Class – Output VAT @ 15% from the VAT/TAX Class list in the next field
The Percentage of Calculation and Method of Calculation will be displayed based on the VAT/Tax Class selected.
Accept the output VAT ledger creation screen.
Similarly, create a ledger for charging output VAT on services by selecting Output VAT @ 15% – Services as the VAT/Tax Class.
Note:The output VAT is chargeable at a fixed rate of 15% on both sale of goods and service.
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