You need to enable VAT in the F11: Features of your company to start using VAT features in Tally.ERP 9.
To enable VAT
1. Go to Gateway of Tally > F11: Features > Statutory & Taxation.
2. Set the option Enable Value Added Tax (VAT)? to Yes.
3. Enable the option Set/alter VAT details?. The Company VAT Details screen appears as shown below:
4. Enter the required details in the VAT Details screen:
In the VAT Details screen
1. Select the state as Punjab from the List of States (if the state is not selected in the Company Creation screen).
2. Enter the 11 digit TIN allotted by the VAT department.
3. Enter the Inter-state Sales Tax Number.
4. Enable Set/alter tax/rate details? to open the Tax/rate Details screen. A single VAT rate which can be applied for all stock items in a company, can be defined from this screen.
To provide tax details
1. Press F12: Configure in the Tax/Rate Details screen.
- Enable the option Set CST rate? to enter CST details.
- Enable the option Set type of goods? to identify goods as regular, Declared or pre-owned cars.
- Set the option Provide Trade name? to Yes.
- Set the option Provide commodity details? to Yes to select the relevant schedules.
2. Press Ctrl+A to accept the Configuration screen, and return to the Tax/Rate Details screen.
3. Enter the CST and VAT rates in Against Form C and Tax rate fields.
4. Enter the Surcharge rate.
5. Select the VAT Schedule and the Type of goods.
6. Select the Trade name.
7. Press Ctrl+C to select the Commodity name.
8. Enter the Commodity Code. The Tax/rate details screen appears as shown below:
9. Press Ctrl+A to accept, and return to the Company VAT Details screen.
5. Set the option Enable VAT on quantity to Yes to calculate tax at a fixed rate or on quantity for pre-owned cars.
The option to select the Calculation type appears in the VAT Details screen of stock item.
6. Enable the option Define VAT commodity and tax details as masters? if separate VAT classifications have to be created for each tax rate. These classifications can be applied to ledgers, stock items or stock groups.
7. Click F12: Configure to enable the option Show additional details?, to enter additional details.
To provide additional details in the Company VAT Details screen
1. Click F12: Configure.
2. Enable the option Show date from which VAT is applicable? to enter the date from when VAT registration is applicable.
3. Enable the option Show additional details? to provide additional information.
4. Enter the Additional Information, as required. The detailed Company VAT Details screen appears as shown below:
5. Press Ctrl+A to accept.
8. Press Ctrl+A to accept the Company VAT Details screen.
5. Press Ctrl+A to accept the Company Operations Alteration screen.
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