The VAT Computation reports provide the Assessable Value and the Tax Amount of the sales and purchase transactions entered using different VAT/ Tax classifications.
To view the VAT Computation report,
Go to Gateway of Tally > Display > Statutory Reports > VAT Reports > VAT Computation
The VAT Computation report is displayed as shown:
The above screens displays the total of VAT payable on sales and purchases made during the specified period.
As discussed earlier, the essence of VAT is the offsetting of Input VAT against Output VAT. The VAT computation report shown above precisely indicates the value of ITC to be availed against Output VAT payable.
Assessable Value
The Assessable Value is the sum of the total value of goods at which they are purchased and sold. This assessable value forms the value on which VAT is calculated.
Tax Amount
The total Tax Amount calculated on Assessable value using the respective Tax percentage is the Tax Amount.
Note: You can drill down the VAT Computation screen to view the VAT Classification vouchers.
F1: Detailed
To view the VAT Computation Report in detail, click the button F1: Detailed or press Alt + F1. A part of the detailed report is displayed as shown:
Show All VAT Classifications
You can view the VAT Computation screen to display all the VAT Classifications.
From the VAT Computation screen, set the option Show All VAT Classifications in F12: Configure to Yes. The VAT Computation screen displays as shown:
