VAT

This topic provides product-related improvements and enhancements made in Release 5.4.4, in-line with updates to the VAT norms.

●      An option Show break-up of nett values is provided in VAT form reports to view the break-up of the nett value. You can enable this option to view gross, returns, and adjustment transactions considered for calculating nett assessable value and tax amount.

●      While recording an excise sales invoice, if items are included or excluded after selecting the excise duty ledger and VAT ledger, the VAT amount was not getting recalculated. This issue is resolved.

●      A provision is made to consider interstate transactions, with tax free or exempt items, for declaration report based on C form selection in the transaction. The C form status in party ledger is overruled and Nature of transaction in voucher takes precedence in this case.

●      When a sales transaction was recorded with  surcharge, the transaction was getting captured under exceptions in triangulation report under Mismatch in tax amount with Potential Reason as Rounded Off. When this transaction was accepted as is, on drill down to Voucher Register, the Surcharge Amount column appeared blank. This issue is resolved.

●      The triangulation report was displaying only CST ledger value, and not the surcharge value. This was occurring when a CST adjustment journal voucher was recorded by selecting Decreasing of Input Tax as the Nature of adjustment, and Against CST as Additional Details. This issue is resolved.

●      In an excise sales transaction, when a VAT ledger was selected after selecting excise duty ledger, the excise duty amount was not considered for VAT calculation. This was occurring when excise sales transaction (within state) was created by tracking an excise import purchase transaction. This issue is resolved.

●      The reminder letter generated for CST forms receivables was displaying the invoice amount in the Assessable Value column. This issue is resolved.

●      Incorrect assessable value of surcharge and cess was printed in POS invoice, when Print VAT/CST Analysis of Items was set to Yes under POS Invoice Printing Configuration. This issue is resolved.

●      In an un-split company with multiple financial years’ data, say 2014-15 and 2015-16, when VAT forms for the financial year 2014-15 were opened, the VAT forms for the financial year 2015-16 were displayed even after the Current Period in Gateway of Tally was changed to 2014-15. This issue is resolved.

See Also