The tax rates for VAT and excise are automatically migrated to release 5.3 from releases prior to 5.0. However, release 5.0, 5.1, and 5.2 users should manually migrate their tax rates to 5.3.
● The latest tax rates of the stock items are migrated for a company maintaining accounts and inventory. If there are no stock items, the tax rates are migrated for ledgers that are enabled with VAT.
● If multiple rates are used for the stock items, only the latest rate will be migrated. Since, the system will not be able to differentiate if it was genuine case or a different rate was entered in error.
● Rates will be applied from the beginning of the current financial year.
● If there are no sales transactions in the specified period, the latest tax rates in the purchase transactions are captured and migrated.
● The rates of the stock item sold or purchased as an exempted item are ignored, and not migrated. Since it is not appropriate to migrate the rates automatically, these exceptions should be resolved.
● The following details are migrated in the stock item:
o Tax rate
o Additional tax/cess (if any)
o MRP (if any)
o Commodity Name and Code
● The tariff details configured in the stock items are migrated, irrespective of the transactions being recorded or not.
● The following details are migrated in the stock item:
o Tariff name
o HSN code
o Reporting UoM
o Type of tariff
o Valuation type
o Duty heads and Excise rates
To manually migrate tax rates for VAT and excise
1. Go to Gateway of Tally > press Ctrl+Alt+M. The Migrate Data screen appears as shown below:
2. Select the required module from the List of Modules to migrate to release 5.3.
Note: The option Tax Rates for VAT & Excise is available only if the data is enabled with VAT and excise. Only stock items which are not migrated or configured in 5.0, 5.1, and 5.2 can be migrated.
'Tax Rate Migration' has been shared with
