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Enabling VAT (Punjab)

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.

5.    Set the option Enable VAT on quantity to Yes to calculate tax at a fixed rate or on quantity for pre-owned cars.

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.

8.    Press Ctrl+A to accept the Company VAT Details screen.

9.    Press Ctrl+A to accept the Company Operations Alteration screen.