Create sales voucher to record sales inclusive of duties and taxes.
To record sales inclusive of tax
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
2. Select the party ledger in Party's A/c Name field.
3. Select the sales ledger with taxable nature of transaction.
4. Select the stock item for which the option Is inclusive of duties and taxes? is enabled.
To create stock item with inclusive of tax configuration
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Click F12: Configure.
o Set Allow inclusive of tax for stock items? to Yes. When you enable this, and use the stock item in invoice, a sub screen Rate (Inclusive of Tax) appears in which you can enter the total amount inclusive of tax. The tax amount gets back calculated.
o Press Ctrl+A to accept.
3. Enter the name of the stock item in the Name field.
4. Select the required stock group in the Under field.
5. Select unit of measurement in the Units field.
6. Select the option Applicable in the VAT Applicable field.
7. Enable the option Set/alter VAT details?.
o Enter Tax rate. The option Tax type is set to Taxable if tax rate is above 0 in VAT Details screen.
o Press Ctrl+A to accept.
8. Set Is Inclusive of duties and taxes? to Yes.
9. Press Enter to save.
5. Enter the Quantity. The Inclusive of Tax screen appears as shown below:
o Enter the Rate (Inclusive of Tax).
o Press Enter to save and to return to sales invoice.
You can enter the rate inclusive of tax in a separate column in the invoice, even for stock item in which Allow inclusive of tax for stock items is not enabled in the stock item configuration screen. The tax amount gets back calculated.
To enter the invoice value (inclusive of tax) by enabling an additional column in the invoice
1. Click F12: Configure and set the option Allow entry of rate inclusive of tax for stock item to Yes.
2. Press Ctrl+A to save. The column Rate (Incl. of Tax) appears in the invoice.
3. Enter the stock item value inclusive of tax in this column.
6. Select the common VAT ledger.
● The ledger must be grouped under Duties & Taxes in which the options:
o Type of duty/tax set to VAT (CST in case of interstate sales).
o Percentage of Calculation (eg 5)? set to 0.
7. Enter Narration, if required.
The sales invoice appears as shown below:
8. Press Enter to save.
'Sales Inclusive of Tax' has been shared with
