You can create VAT ledgers under Duties & Taxes or Current Assets . Tax credit details on capital goods are also recorded in VAT ledgers.
VAT Ledger grouped under Duties & Taxes
VAT Ledger grouped under Current Assets
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 field Under .
4. Select VAT as Types of duty/tax .
5. Press Enter to skip the field Percentage of Calculation , if rate specific VAT ledger has to be created.
Note: To create a VAT ledger with a specific rate, enter the tax rate in field Percentage of Calculation .
The Ledger Creation screen appears as shown below:
6. Press Enter to save.
Note: Similarly, you can create a CST ledger under Duties & Taxes , by selecting CST as the Type of Duty/Tax .
To create a tax ledger grouped under Current Assets
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the VAT ledger.
3. Select Current Assets or Current Liabilities in the field Under .
4. Click F12: Configure . The Master Configuration screen appears.
1. Set the option Allow creation of tax ledgers under other groups? to Yes .
2. Click Ctrl + A to save.
5. Set the option Behave as Duties & Taxes? to Yes .
6. Select VAT as Types of duty/tax .
7. Enter the VAT rate in the field Percentage of Calculation , if rate specific VAT ledger has to be created.
8. Define the rounding method, as required.
9. Enter bank details, as required.
The Ledger Creation screen appears as shown below:
10. Press Enter to save.
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