Purchases - Imports Taxable

To record a purchase - imports taxable

1.     Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.

2.     Enter Supplier Invoice No. and Date.

3.     Select the Party's A/c Name.

4.     Select the purchase ledger with Imports Taxable as the Nature of transaction.

Note: If purchase common ledger is being used:

§     Click F12: Configure in the invoice and set the option Allow modification of Tax Details for VAT? to Yes.

§     Select Imports Taxable in the VAT Classification Details screen displayed on selecting the common purchase ledger.

5.     Select the stock item imported, enter the Quantity and Rate (in foreign currency).

o      Enter the Rate of Exchange in the Forex Rate of Exchange screen. The amount is automatically displayed in the Amount field.

o      Press Enter.

6.     Select the common VAT ledger.

7.     Click A: Tax Analysis button to display the Tax Analysis screen.

o      Click F1: Detailed button to view the name of stock item. The Tax Analysis screen appears as shown below:

o      Pres Esc to return to purchase invoice screen.

8.     Enter Custom Entry No..

The purchase invoice appears as shown below:

9.     Press Enter to save.