Creating VAT Ledgers (Assam)

You can create VAT ledgers under Duties & Taxes or Current Assets. Tax credit details on capital goods are also recorded in VAT ledgers.

VAT Ledger grouped under Duties & Taxes

VAT Ledger grouped under Current Assets

VAT Ledger - Duties & Taxes

To create a common VAT ledger

1.     Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.     Enter the Name of the VAT ledger.

3.     Select Duties & Taxes in the Under field.

4.     Select Type of duty/tax as VAT.

5.     Press Enter to skip the Percentage of Calculation field, if rate specific VAT ledger has to be created.

Note: To create a VAT ledger with a specific rate, enter the tax rate in Percentage of Calculation field.

The Ledger Creation screen appears as shown below:

6.     Press Enter to save.

Similarly, create a CST ledger under Duties & Taxes,  by selecting CST as the Type of Duty/Tax.

Note: To create a rate specific VAT ledger, enter the tax rate in Percentage of Calculation field. Based on the tax rate entered, the tax amount gets calculated in the invoice.

VAT Ledger - Current Assets or Current Liabilities

To create a tax ledger grouped under Current Assets

1.     Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.     Enter the Name of the VAT ledger.

3.     Select Current Assets or Current Liabilities in the Under field.

4.     Click F12: Configure, enable the option Allow creation of tax ledgers under other groups?, and save the Master Configuration screen.

5.     Enable the option Behave as Duties & Taxes?.

6.     Select Type of duty/tax as VAT.

7.     Enter the VAT rate in Percentage of calculation field, if rate specific VAT ledger has to be created.  

The Ledger Creation screen appears as shown below:

8.     Press Enter to save.