You can record inclusive tax sales transaction using this procedure.
To record inclusive of tax sales transaction
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
2. Select the Party's A/c Name.
3. Select the Sales Ledger with the appropriate taxable nature of transaction.
4. Select the stock item with the option Is inclusive of duties and taxes? enabled.
To create a stock item inclusive of tax
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Click F12: Configure.
o Set Allow inclusive of tax for stock items? to Yes.
o Press Ctrl+A to save.
3. Enter the name of the stock item in the Name field.
4. Select the stock group in the Under field.
5. Select the unit of measurement in the Units field.
6. Set the option VAT Applicable to Applicable
7. Set the option Set/alter VAT details? to Yes.
8. In the VAT Details screen
o Enter the Tax Rate
o Enter the date from which the tax is applicable
o Enter the rate of Cess
o Press Enter to save.
9. Set the option Is Inclusive of duties & taxes? to Yes.
10. Press Ctrl+A to save.
5. In the Stock Item Allocations screen
o Select the Godown name and enter the Quantity. The Inclusive of Tax screen is displayed.
o Enter the Rate (Inclusive of Tax).
o Press Enter. The rate of the item excluding tax is displayed in the Rate field.
o Press Ctrl+A to save.
6. Select the common VAT ledger. Based on the VAT rate, the tax amount is automatically displayed.
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. Set Use for Purchase Tax to No.
6. Press Enter to skip the Percentage of Calculation field.
7. Press Enter to save.
7. Select the ledger for Cess.
The invoice is displayed as shown below:
8. Press Enter save.
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