Form 205 is the annual VAT return form filed by registered dealers in Gurajat. This annual return form can now be generated from Tally.ERP 9. Further, to help users in verifying the tax details before generating the returns, an accompanying report is provided that displays the tax computation for the return period.
The report is designed in way to allow you verify and finalise the annual return before filing. You can save the original returns, in case changes are made in periodic returns after saving, the report can be recomputed to updated the latest changes and either be overwritten or saved as revised.
When the annual return is saved multiple times, the latest saved version is exported/printed.
To display the report,
● Go to Gateway of Tally > Display > Statutory Reports > VAT > Form 205.
The report appears as shown below:
The different sections of the report are:
● Return Summary
● Computation
● Payment Details
Drill down from any part to display incrementally detailed information at subsequent levels.
This section provides a summary of all the periodic returns for the year based on the transactions and returns available in the books. The periodic returns are further classified based on included for annual return, of which, how many are modified and need re-computing and, returns not saved.
● Total number of monthly returns for the financial year: Displays the number of periodic returns in the financial year based on the books beginning date. Drill down on this row to view the List of total returns in the period report comprising of list of months or quarters in the year and status of their returns. The status of a return can be original, revised, modified or not saved.
The List of total returns in the period report appears as shown below:
The report displays the following details:
Particulars: Displays the return period name.
Date: Displays the date on which the return was saved, revised or modified.
Status: Displays the status of the return.
Original: Displayed when the return is saved for the period.
Modified: Displayed when a saved return is modified and not recomputed.
Revised: Displays when a modified return is computed and saved as revised.
Not saved: Displays when return for the period is not saved.
Press Enter on any period to display the Form 201 report for that period. Unsaved and modified returns can be recomputed and saved to be included in annual returns.
Note: When a return is modified, the pre-modified value of that period is considered in the annual return until it is recomputed and saved again.
● Returns available (included in annual returns): Displays the count of all periodic returns that are saved (as original and revised) and included in annual returns. Drill down from this row to view the List of returns included report with names of monthly or quarterly returns included in the annual return. The returns with status as original, revised and modified are included.
The List of returns included appears as shown below:
The report displays the following details:
Particulars: Displays the period return name.
Date: Displays the date on which the return was saved, revised or modified.
Status: Displays the status of the return.
o Original: Displayed when the return is saved for the period.
o Modified: Displayed when a saved return is modified and not recomputed.
o Revised: Displayed when a modified return is computed and saved as revised.
Press Enter on any period to display the Form 201 report for that period.
Note: When a return is modified, the pre-modified value of that period is considered in the annual return until it is recomputed and saved again.
o Returns modified (recompute to include updated value in annual return): Displays the count of periodic returns modified and not recomputed. Drill down from this row to view the list of periods for which returns were modified after having been saved. The values before modifying the returns are considered for annual returns. The periodic return has to be saved as revised or overwritten to update the latest values in annual return.
The List of returns modified appears as shown:
The report displays the following details:
Particulars: Displays the period return name.
Date: Displays the date on which the transaction was recorded to modify the return.
Status: Displays the status of the return.
Modified: Displayed when a saved return is modified and not recomputed.
Press Enter on any period to display the Form 201 report for that period. You can recompute the return and save it by overwritting or as revised.
Note: When a return is modified, the pre-modified value of that period is considered in the annual return until it is recomputed and saved again.
● Returns not available (save to include in annual return): Displays the count of all periodic returns which are not saved and are not part of annual return. Drill down from this row to view the list of periodic returns that are not saved, hence not included in annual returns.
The List of returns not found appears as shown:
The report displays the following details:
Particulars: Displays the period return name.
Date: No date is displayed.
Status: Displays the status of the return.
Not saved: Displayed when return for the period is not saved.
The values from the period for which return is not saved are not considered in annual return. The return for this period has to be saved to be considered for annual return.
Press Enter on any period to display the Form 201 report for that period.
This section displays the transaction values considered in the returns and annexures along with the amount of liability, input credit, adjustments and VAT/CST payable or refundable. The assessable value of sales and purchases, and the tax applicable if any, are displayed under respective columns for the specific period. Drill down reports are provided for local purchases, interstate purchases, local sales and interstate sales and VAT adjustments till the transaction-level.
● Sales
Total sales (local and interstate) which include the assessable value of taxable and exempted sales, and the corresponding tax amount are displayed here.
To view all the sales transactions
1. Click F1: Detailed to display the report in detailed mode.
2. Press Enter from any row displayed in italics, under Local Sales or Interstate Sales to display the Monthly Summary screen with month-wise sales value for selected VAT rate.
The Monthly Summary screen appears as shown below:
Similarly, month-wise sales value for other VAT rate can be displayed by drilling down from respective VAT rate row in the report.
Drill down from any month to view item-wise sales details for the month.
Total purchase (local and interstate) which include the assessable value of taxable and exempted purchases, and the corresponding tax amount are displayed here.
To view all the purchase transactions
1. Click F1: Detailed to display the report in detailed mode.
2. Press Enter from any row displayed in italics, under Local Purchases or Interstate Purchases to display the Monthly Summary screen with month-wise purchase value for selected VAT rate.
The Monthly Summary screen appears as shown below:
Similarly, month-wise purchase value for other VAT rate can be displayed by drilling down VAT rate row in the report.
Drill down from any month to view item-wise purchase details for the month.
Aggregate of taxes payable or refundable for a particular period is displayed here. Using this information, the required adjustment entries can be recorded. Excess input tax credit remaining after nullifying the output VAT against the input VAT, appears as refundable.
The various types of VAT adjustments done can either increase or decrease the liability/input credit. The VAT adjustment entries display only the aggregate value of input and output VAT.
In Form 205, only the adjustment transactions recorded for the financial year are considered. These adjustment transactions should be recorded within the annual return filing date. The annual return filing date for Form 205 can be set using the Pay. Till Date button in the report and is displayed as shown below:
VAT payments and adjustments for the annual return can be recorded within this set period.
Adjustment transaction for annual return are recorded by selecting the entire financial year as the period in the Statutory Details screen of the journal voucher. Drill down from VAT Adjustments row to display the list of adjustment transactions recorded for annual return.
● VAT Payable or Refundable after Adjustments
The amount available after considering the adjustment entries recorded against the VAT payable or refundable amount is displayed here.
The CST payable on interstate sales, after considering the input VAT offset against the CST dues is displayed here.
This option is provided to display break-up to help view the calculations used to arrive at the final value. The final (nett) values for each tax rate are displayed in the report after deducting rejections and adjustments. The assessable value and tax amount for gross value, rejections and adjustments are displayed by enabling this option.
To view break-up of nett value,
1. Click F12: Configure to display Configuration screen.
2. Enable the option Show break-up of nett values?.
3. Press Ctrl+A to accept.
The rows Gross Value, Returns, and Addition/Deduction are displayed below each tax rate in detailed mode of the report. You can drill down from any row to view the list of vouchers with assessable value and tax amount.
On drill down from Gross Value row, the purchase/sales transaction that are part of gross value are displayed in Voucher Register report. Similarly, to view the purchase return/sales return transactions with assessable value and tax amount deducted from gross value, drill down from Returns row. Further, drill down from Addition/Deduction to view the debit note/credit note transactions recorded for escalation or de-escalation in price. The assessable value and tax amount from these transactions are added to or deducted from gross value to arrive at net value.
Note: For some states delivered in 5.4, stock item wise report is displayed on drill down. Further, you can use the options provided to view the report ledger wise, commodity wise or voucher wise for these states.
This section contains statistics of all VAT and CST payment vouchers of the current period. Payments made to party, petty expenses, or any statutory payments other than that of VAT or CST are not displayed here.
Tax Payments (Included): Drill down from this row to view all payment vouchers recorded for VAT, CST and other dues like interest and penalty (using the Stat Payment feature), excepts payments made for annual returns by selecting the entire financial as statutory payment period in the payment voucher.
Tax Payments (Not Included/Uncertain): Drill down on this row to view tax payment vouchers with insufficient information.
Summary of Exceptions screen displays the count of payment vouchers which are not considered in the VAT return due to insufficient information.
Unable to determine the duty type of ledgers: Displays payment vouchers in which the Type of duty/tax of tax ledger is set to Others.
In payment voucher recorded using Stat Payment feature, if the tax ledger used is predefined with the tax type, Others (Type of duty/tax option of tax ledger set to Others), the voucher appears under this exception.
To solve this exception
1. Select Unable to determine the duty type of ledgers and press Enter.
2. Click S: Set Duty Type.
3. Select the Type of Duty/Tax from the list.
4. Accept the Update Duty Type screen.
Unable to determine the payment period/type of tax payment: Displays the count of payment vouchers recorded without using Stat Payment feature.
Payment voucher recorded with tax ledger predefined with tax types - VAT or CST, appears under this exception when Stat Payment feature is not used.
To solve this exception
1. Select Unable to determine the payment period/type of tax payment and press Enter.
2. Click S: Set Details.
3. Select the Tax Type from the list.
4. Enter the dates in Period From and To fields.
5. Accept the Stat Payment Details screen.
Conflict in Tax Type of Ledger against Payment: Displays the count of payment vouchers in which ledgers predefined with other tax types like CENVAT and service tax are used.
In payment voucher recorded by selecting VAT or CST as the Tax Type in Stat Payment Details screen, if the tax ledger used is predefined with tax types - CENVAT, Service Tax, TDS or TCS, the voucher appears under this exception.
To solve this exception
1. Select Conflict in Tax Type of Ledger against Payment and press Enter.
2. Select the transaction and press Enter.
3. Replace the incorrectly selected tax ledger with VAT or CST ledger.
4. Press Ctrl+A to accept.
VAT Paid: Displays the amount of VAT paid in the financial year. Drill down from this row to view the list of payment vouchers recorded by VAT remittance. You can provide the challan number for the amount remitted at the bank using the V: Alter details option after drill down.
To enter challan details for a VAT payment voucher
1. Navigate to required voucher and click V: Alter details.
2. Enter the bank details and challan number for the amount remitted.
3. Press Enter to save.
CST Paid: Displays the amount of VAT paid in the financial year. Drill down from this row to view the list of payment vouchers recorded by VAT remittance.
Balance VAT Payable: Displays the balance VAT payable amount for the year.
Balance CST Payable: Displays the balance CST payable amount for the year.
'Form 205 (Gujarat)' has been shared with
