In Tally.ERP 9, you can record sales transactions with ledgers where the stock item has been enabled with Inclusive of Duties and Taxes option. You can configure the stock item using F12: Configure.
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 taxable nature of transaction.
4. Select the stock item for which the option Is inclusive of duties and taxes? is enabled.
While creating the ledger or stock items
o Click F12: Configure.
o Set Allow inclusive of tax for stock items? to Yes.
o Press Ctrl+A to save.
5. In the Stock Item Allocations screen
o Select the Godown name and enter the Quantity to be sold. The Inclusive of Tax screen is displayed.
o Enter the tax inclusive rate for an unit of item in the Rate (Inclusive of Tax) field.
o Press Enter to return to invoice.
The rate before tax value for an unit of the item is displayed in the Rate field.
6. Select the common VAT ledger. Based on the VAT rate, amount will be automatically displayed.
Ledger must be grouped under Duties & Taxes with the following settings:
Type of Duty/Tax is set to VAT. (CST in case of interstate sales)
Use for Purchase Tax is disabled.
Percentage of Calculation is set to 0.
The sales invoice appears as shown below:
7. Press Enter to save.
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