https://help.tallysolutions.com/docs/te9rel60/Tax_India/VAT/Punjab/PB_VAT_Ldgr.htm

Creating VAT, Surcharge and Notional Tax Credit Ledgers (Punjab)

You need to create various tax ledgers in order to record transactions which are taxable. These ledgers once created can  be selected while passing the transaction to record the required tax.

On this page:

VAT ledger grouped under Duties & Taxes

VAT ledger grouped under Current Assets

Surcharge ledger

Notional tax credit ledger

VAT Ledger - Duties & Taxes

To create a common VAT ledger

1.    Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.    Enter the Name of the VAT ledger.

3.    Select Duties & Taxes in the Under field.

4.    Select Types of duty/tax as VAT.

5.    Press Enter to skip the Percentage of Calculation field, to create a common ledger.

Note: To create a VAT ledger with a specific rate, enter the tax rate in Percentage of Calculation field.

The Ledger Creation screen appears as shown below:

6.    Press Enter to save.

Note: If rate specific VAT ledger has to be created, enter the tax rate in Percentage of Calculation field. Based on the tax rate entered, the tax amount gets calculated in the invoice.

Similarly, you can create a CST ledger under Duties & Taxes, by selecting CST as the Type of Duty/Tax.

VAT Ledger - Current Assets or Current Liabilities

To create a tax ledger grouped under Current Liabilities

1.    Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.    Enter the Name of the VAT ledger.

3.    Select Current Liabilities in the Under field.

4.    Click F12: Configure, enable the option Allow creation of tax ledgers under other groups?, and save the Master Configuration screen.

5.    Enable the option Behave as Duties & Taxes?.

6.    Select Types of duty/tax as VAT.

7.    Enter the VAT rate in Percentage of Calculation field, if rate specific VAT ledger has to be created. The Ledger Creation screen appears as shown below:

8.    Press Enter to save.

Note: If rate specific VAT ledger has to be created, enter the tax rate in Percentage of Calculation field. Based on the tax rate entered, the tax amount gets calculated in the invoice.

Surcharge Ledger

To create a common ledger for surcharge

1.    Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.    Enter the Name of the surcharge ledger.

3.    Select Duties & Taxes in the Under field.

4.    Select Types of duty/tax as Surcharge.

5.    Press Enter to skip the Percentage of Calculation field, to create a common ledger. The Ledger Creation screen appears as shown below:

6.    Press Enter to save.

Note: If rate specific VAT ledger has to be created, enter the tax rate in Percentage of Calculation field. Based on the tax rate entered, the tax amount gets calculated in the invoice.

VAT Ledger - Notional Input Tax Credit

To create a ledger for notional input tax credit

1.    Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.    Enter the Name of the VAT ledger.

3.    Select Duties & Taxes in the Under field.

4.    Select Types of duty/tax as VAT.

5.    Set the option Use for Notional ITC to Yes.

6.    The field Percentage of Calculation displays 4%. The Ledger Creation screen appears as shown below:

7.    Press Enter to save.