You can record a sales invoice for an item where the item rate is inclusive of tax.
To record sales transactions which are inclusive of tax
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Tax Invoice .
2. Select the party ledger in Party's A/c Name option.
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.
To create stock item with inclusive of tax configuration
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 required stock group in the Under field.
5. Select unit of measurement in the Units field.
6. Select the option Applicable in the VAT Applicable field.
7. Enable the option Set/alter VAT details to provide tax details.
o Enter Tax Rate and Surcharge in VAT Details screen.
o Press Ctrl+A to save.
8. Set Is Inclusive of duties and taxes? to Yes .
9. Press Enter to save.
5. Enter the the tax inclusive rate for an unit of item in the Rate (Inclusive of Tax) field, in the Inclusive of Tax screen.
6. Press Enter . The amount appears automatically.
To enter the invoice value (inclusive of tax) by enabling an additional column in the invoice
1. Click F12: Configure and set the option Allow entry of rate inclusive of tax for stock item? to Yes .
2. Press Ctrl+A to accept. The column Rate (Incl. of Tax) appears in the invoice.
3. Enter the stock item value inclusive of tax in this column.
7. Select the common VAT and surcharge ledger. Based on the VAT rate, amount will be automatically displayed. The sales invoice appears as shown below:
The ledger must be grouped under Duties & Taxes with the following settings:
● Set Type of duty/tax to Surcharge .
● Set Percentage of Calculation to 0 .
The ledger must be grouped under Duties & Taxes with the following settings:
● Set Type of duty/tax to VAT (CST in case of interstate sales).
● Set Percentage of Calculation to 0 .
8. Press Enter to save.
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