VAT

This topic lists all the product improvements and enhancements related to VAT made in Release 5.4.

●      In interstate purchase transactions, a warning message Potential Mismatch in Tax Amount for VAT is displayed if VAT and additional tax are entered manually. This will help to select the right tax ledger for the transaction.

●      In Multi Ledger Alteration, the column Rate of tax is skipped for groups and subgroups even when ledgers are taxable. This will help to enter different tax rates for ledgers in a group of taxable ledgers.

●      In a sales transaction, if a new item was added or the quantity of existing items was altered, the assessable value and tax amount did not get updated in the Tax Analysis screen. The issue is resolved.

●      In sales invoice of an accounts only company, the discount amount was not considered for VAT calculation. This issue is resolved. 

Now, the value of expense ledger is considered to calculate the assessable value.

●      Statutory payment details such as Name of Bank, Challan No., Branch entered in Tally.ERP 9 release 4.93 was not displayed in Tax Payment Reconciliation report when data was migrated to Tally.ERP 9 release 5.x. This issue is resolved.

●      In interstate purchase and sales transactions, you can record CST tax rate at 0% against Form C. Two Nature of Transaction - Interstate Sales Exempt - With Form C and Interstate Purchase Exempt - With Form C are added. This is applicable for the state of Delhi, Gujarat, Madhya Pradesh and Maharashtra.

●     In an accounts only company, the provision to include value of duty ledger created with type of duty as Others, while calculating VAT is available. The option Include in assessable value calculation? is enabled for duty ledgers created with Others as Type of duty/tax. This allows amount of such ledgers in a transaction to be included in assessable value, for calculating VAT in an accounts only company.

●      During item master creation, if Allow MRP/Marginal for stock items? was set to Yes, then the option Allow defining MRP values during entry? is displayed in MRP Details screen. Enable this option to edit MRP rate in the transaction.

●      In accounts only company, the option Include in assessable value calculation for was not displayed under Statutory Information in the Ledger Creation screen. This issue is resolved.

●      While recording transaction in voucher mode, the option to override assessable value was not displayed, This issue is resolved. Now, the option to override assessable value appears if the option Inventory values are affected is set to Yes in ledger master.

●      In sales invoice, the Rate (Incl. of Tax) column was not displaying the values in alteration mode. This issue is resolved. This column is displayed only when Is inclusive of duties and taxes? was set to Yes in item master.

●      In VAT computation report, purchase tax amount was doubled when journal entry was made with the option Tax on URD Purchase as the Nature of adjustment for generating liability. This issue is resolved.

●      While entering statutory payment transaction (F5: Payment > S: Stat Payment), the ledgers grouped under Indirect Expenses were not listed under the List of Ledgers, This issue is resolved.

This was occurring when the option Use payment/receipt as contra was set to No in F12: Configure.

●      In computation report, the statutory payment transaction was displayed under Annexure Errors for not entering supplier invoice number. This issue is resolved. This was occurring when the option Use payment/receipt as contra was set to Yes in F12: Configure during stat payment entry (F5: Payment > S: Stat Payment) and ledger grouped under Indirect Expenses was selected.

Now, the statutory payment transaction is displayed under Annexure Ready.

See also