VAT for a state can be specified in Tally.ERP 9 by using the options under F11: Features. In the VAT Details screen, you can provide all the required details, such as TIN, tax number, tax rates and so on, applicable for a particular state.
To enable VAT
1. Go to Gateway of Tally > F11: Features > Statutory & Taxation. The Company Operations Alteration screen appears as shown below:
2. Set the option Enable Value Added Tax (VAT)? to Yes.
3. Enable the option Set/alter VAT details? to open Company VAT Details and configure the VAT details, as explained in the next section.
4. Enter the PAN/Income tax no..
5. Enter the Corporate Identity No. (CIN).
6. Press Ctrl+A to accept.
To configure VAT details
1. Click F12: Configure and enable required options in the Configuration screen.
● In the Configuration screen,
o Enable the option Show date from which VAT is applicable? to enter the date from when VAT is applicable.
o Enable the option Show additional details? to provide additional information.
To provide additional details in the Company VAT Details screen
1. Provide the following details under the Additional Information section:
o Circle office
o Status of business
o Nature of business
o Fax Number
o Website name
o Status of central registration
o Authorised Person
The Company VAT Details screen with the required information appears as shown below:
2. Press Enter to save.
o Press Ctrl+A to accept and return to the Company VAT Details screen.
2. Select the state as Madhya Pradesh from the List of States (if the state is not selected in the Company Creation screen).
3. Enter the 11 digit TIN allotted by the VAT department.
4. Enter the Inter-state Sales Tax Number, if required.
5. Enable Set/alter tax/rate details? to view the Tax/Rate Details screen. A single VAT rate for all stock items in a company can be defined in this screen.
To provide additional tax/rate details
1. Enable Set/alter tax/rate details?.
2. Click F12: Configure to view the Configuration screen.
3. Set the following options to Yes, if required.
o Set CST rate?
o Set type of goods?
o Provide nature of goods?
o Provide commodity details?
o Provide schedule details?
4. Enter the required CST Rate, VAT Rate, and Other Info.
5. Click L: Details to view the VAT Rate Details screen, and to specify different VAT rates with separate Applicable From dates.
The Tax/Rate Details screen appears as shown below:
6. Press Ctrl+A to accept and return to the Company VAT Details screen.
6. Set the Enable VAT calculation on quantity? to Yes (enabling this option will allow tax calculation on quantity).
7. Enable the option Define VAT commodity and tax details as masters? if separate VAT classifications have to be created for each tax rate. You can apply these classifications to ledgers, stock items or stock groups.
8. Press Ctrl+A to accept the Company VAT Details screen.
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