To print Form I
1. Go to Gateway of Tally > Display > Statutory Reports > VAT > VAT Form I > VAT Form I
2. Press Ctrl+P to print the form.
3. Enter the Name, Status/Designation of the authorised person, Place and Date.
4. Press Enter to generate the print preview of Form I as shown below:
Explanation on Form I is given below:
The Mailing Name and Address as entered in Company Creation screen are displayed here.
The details of Assessment Circle entered in the Company VAT Details screen of Statutory & Taxation Features is displayed here.
The VAT TIN (Regular) entered in Company Operations Alterations screen of Statutory & Taxation Features is displayed here.
The Month entered in the Print Report screen of Form I is displayed here.
The Year specified in the Print Report screen of Form I is displayed here.
The excess of Input Tax Credit carried forward from previous month/return period or the opening balance specified for input VAT ledger is captured here. The excess input tax credit of capital goods of previous month is not displayed here.
(a) Goods taxable at 1%
The assessable value of purchases made using Purchases @ 1% as the VAT/Tax Class is captured in the purchase value during the month column. This value is inclusive of the expense ledger enabled for apportionment. The input VAT paid using VAT/Tax class - Input VAT @ 1% on the assessable value is captured in the Input Tax credit (VAT paid) column.
(a1) Goods taxable at 2%
The assessable value of purchases made using Purchases @ 2% as the VAT/Tax Class is captured in the purchase value during the month column. This value is inclusive of the expense ledger enabled for apportionment. The input VAT paid using VAT/Tax class - Input VAT @ 2% on the assessable value is captured in the Input Tax credit (VAT paid) column.
(b) Goods taxable at 4%
The assessable value of purchases made using Purchases @ 4% and Purchases @ 4% (Job Work) as the VAT/Tax Class is captured in the purchase value during the month column. This value is inclusive of the expense ledger enabled for apportionment. The input VAT paid using VAT/Tax class - Input VAT @ 4% and Input VAT @ 4% - (Job Work) on the assessable value is captured in the Input Tax credit (VAT paid) column.
(b1) Goods taxable at 5%
The assessable value of purchases made using Purchases @ 5% and Purchases @ 5% (Job Work) as the VAT/Tax Class is captured in the purchase value during the month column. This value is inclusive of the expense ledger enabled for apportionment. The input VAT paid using VAT/Tax Class - Input VAT @ 5% and Input VAT @ 5% - (Job Work) on the assessable value is captured in the Input Tax credit (VAT paid) column.
(c) Goods taxable at 12.5%
The assessable value of purchases made using Purchases @ 12.5% as the VAT/Tax Class is captured in the purchase value during the month column. This value is inclusive of the expense ledger enabled for apportionment. The input VAT paid using VAT/Tax class - Input VAT @ 12.5% on the assessable value is captured in the Input Tax credit (VAT paid) column.
(c1) Goods taxable at 14.5%
The assessable value of purchases made using Purchases @ 14.5% as the VAT/Tax Class is captured in the Purchase value during the month column. This value is inclusive of the expense ledger enabled for apportionment. The input VAT paid using VAT/Tax class - Input VAT @ 14.5% on the assessable value is captured in the Input Tax credit (VAT paid) column.
(d) Purchase under Section 12
The value of purchases made using the VAT/Tax Class - Purchases From URDs – Taxable Goods @ 1%, Purchases From URDs – Taxable Goods @ 4%, Purchases From URDs – Taxable Goods @ 5%, Purchases From URDs – Taxable Goods @ 12.5% and Purchases From URDs – Taxable Goods @ 14.5% is captured in the purchase value during the month column.
Total
The total value of purchase from URDs and taxable purchases [box (a) + (a1) + (b) + (b1) + (c) + (c1) + (d)] is displayed here.
2. Less: Reverse Credit
The assessable value of purchases reversed, except for capital goods, is captured in the purchase value during the month column. The value of Input VAT reversed using journal voucher on the assessable value of purchases made by selecting - Reverse Credit - Goods Utilised for Self Use, Reverse Credit - Purchase of Automobiles, Spare Parts, Reverse Credit - Purchase of Air Conditioners, Reverse Credit - Goods Given As Gift, Free Sample, Reverse Credit - Goods Lost on Theft, Loss, Etc., Reverse Credit - Inputs Destroyed in Fire Or Lost, Reverse Credit - Inputs Damaged in Transit Or Destroyed Before Mfg., Reverse Credit - Consignment Sales Without 'F' Form, Reverse Credit - Stock Transfer Without 'F' Form, and Reverse Credit - Interstate Sale Without 'C' Form is captured in the Input Tax credit (VAT paid) column.
TOTAL(NET) (B)
The net purchase value calculated after deducting the amount of input tax credit reversed [box Total = (a)+(a1)+(b)+(b1)+(c)+(c1)+(d) - Reverse Credit] is displayed in the purchase value during the month column.
TOTAL(NET) (B1)
The input VAT reversed is captured in the Input Tax credit (VAT paid) column.
Goods exempted (C)
The value of entries made using Purchases - Exempt as the VAT/Tax class is captured here.
(a) Upto previous month
Input Tax Credit on Capital goods claimed till the previous month is displayed here.
(b) During the month
The assessable value of purchases made using the VAT/Tax Class - Purchases - Capital Goods @ 4%, Purchases - Capital Goods @ 5%, Purchases - Capital Goods @ 12.5% and Purchases - Capital Goods @ 14.5% is displayed in the purchase value during the month column.
The value of entry made in journal voucher by selecting Input Tax Credit Admitted on Capital Goods in the Used for field by debiting the ledger grouped under Duties & Taxes with VAT/Tax Class - Purchases - Capital Goods @ 4%, Purchases - Capital Goods @ 5%, Purchases - Capital Goods @ 12.5% and Purchases - Capital Goods @ 14.5% subject to a ceiling of 50% of the tax amount is captured in the Eligible Input Tax Credit column.
Total
The total amount of purchase of capital goods value and amount of Input tax claimed till date (a) + (b) is displayed here.
Less: Reverse Credit
The assessable value and tax thereon reversed on input tax credit already availed on capital goods purchased in the current month using journal voucher with the VAT Adjustment - Reverse Credit - Goods Used for Civil Structures is displayed here.
The input tax claimed on capital goods purchased in the previous month by specifying the amount against the VAT ledger grouped under Duties & Taxes with VAT/Tax class - Purchases - Capital Goods @ 4% and Purchases - Capital Goods @ 12.5% is displayed here.
TOTAL (NET) (D)
The net value after deducting the Reverse credit from the Total is displayed here.
TOTAL (NET) (D1)
The Net Input VAT after deducting the reversal of Input VAT is displayed here.
The total eligible amount available as Input Tax Credit for and up to the current month [box (A) + (B1) + (D1)] is displayed here.
The assessable value entered for output VAT ledgers in journal entry made using the VAT Adjustment - Tax on URD Purchase and the tax amount entered thereon is displayed here.
In journal voucher select Tax on URD Purchase in the Used for field
Debit: Tax Paid on URD Purchases ledger (grouped under Current Assets)
Credit: Output VAT ledger (grouped under Duties & Taxes with required output VAT classifications)
(a) Local sales @ 1%
The assessable value of sales made using Sales @ 1% as the VAT/Tax class is captured in the Sales turnover / value inside the State column. This value is inclusive of the income ledger enabled for apportionment. The output VAT collected using VAT/Tax class - Output VAT @ 1% on the assessable value is captured in the VAT due column.
(a1) Local sales @ 2%
The assessable value of sales made using Sales @ 2% as the VAT/Tax class is captured in the Sales turnover / value inside the State column. This value is inclusive of the income ledger enabled for apportionment. The output VAT collected using VAT/Tax class - Output VAT @ 2% on the assessable value is captured in the VAT due column.
(b) Local sales @ 4%
The assessable value of sales made using Sales @ 4% and Sales - Works Contract @ 4% as the VAT/Tax class is captured in the Sales turnover / value inside the State column. This value is inclusive of the income ledger enabled for apportionment. The output VAT collected using VAT/Tax class - Output VAT @ 4% and Output VAT - Works Contract @ 4% on the assessable value is captured in the VAT due column.
(b1) Local sales @ 5%
The assessable value of sales made using Sales @ 5% and Sales - Works Contract @ 5% as the VAT/Tax class is captured in the Sales turnover / value inside the State column. This value is inclusive of the income ledger enabled for apportionment. The output VAT collected using VAT/Tax class - Output VAT @ 5% and Output VAT - Works Contract @ 5% on the assessable value is captured in the VAT due column.
(c) Local sales @ 12.5%
The assessable value of sales made using Sales @ 12.5% as the VAT/Tax class is captured in the Sales turnover / value inside the State column. This value is inclusive of the income ledger enabled for apportionment. The output VAT collected using VAT/Tax class - Output VAT @ 12.5% on the assessable value is captured in the VAT due column.
(c1) Local sales @ 14.5%
The assessable value of sales made using Sales @ 14.5% as the VAT/Tax class is captured in the Sales turnover / value inside the State column. This value is inclusive of the income ledger enabled for apportionment. The output VAT collected using VAT/Tax class - Output VAT @ 14.5% on the assessable value is captured in the VAT due column.
Total
The total assessable value and tax amount [box (a) + (a1) + (b) + (b1) + (c) + (c1)] is captured here.
Less: Sales return/Unfructified sales
The value of taxable sales returns recorded in credit note using the VAT Adjustment - Goods Sold Returned is captured here.
Total (F) and (F1)
The net sales value and tax amount obtained after deducting the sales returns captured in box - Total (F) and (F1) columns respectively.
Zero Rate sales (G)
The value of sales made using the VAT/Tax class - Exports and Zero Rated Sales are captured here.
1. Adjustment of advance tax
The value of entry made in journal voucher for adjusting the output VAT against the advance tax payment made using the VAT Adjustment - Advance Tax Paid is captured here.
In the journal voucher select Advance Tax Paid as the VAT Adjustment in the Used for field
Debit: Output VAT ledger (grouped under Duties & Taxes with the required output VAT classification)
Credit: Advance Tax ledger (grouped under Current Assets)
2. Entry tax paid, if any
The value of entry made in journal voucher for adjusting the output VAT against the advance tax payment made using the VAT Adjustment - Adjustment Towards Entry Tax Paid is captured here.
In journal voucher, select Adjustment Towards Entry Tax Paid as the VAT Adjustment in the Used for field
Debit: Output VAT ledger (grouped under Duties & Taxes with the required output VAT classification)
Credit: Entry Tax ledger (grouped under Current Assets)
Less: Total (1+2) (H1)
The total value of output VAT adjusted against advance tax and entry tax [box (1) + (2)] is captured here.
Net tax payable (T1)=(F1) – (H1)
The difference between (F1) and (H1) is captured here.
(T2)=(A1)+(T1)
The aggregate of net tax payable and tax on purchase of goods from unregistered dealers [box (A1) + (T1)] is captured here.
Exempted sales
The value of sales made using the VAT/Tax class - Sales Exempt is captured here.
Less : Sales return/Unfructified sales
The value of sales return recorded for exempt sales in credit note using the VAT Adjustment - Goods Sold Returned is captured here.
Total (J)
The net value of exempt sales is captured here.
Sales under Sec.10 (S) (S1)
The value of sales made using the VAT/Tax class - Inter-State Sales - Spl. Category Goods and the CST collected using the CST ledger grouped under Duties & Taxes with Type of Duty/Tax - CST and VAT/Tax class - Inter-State Sales - Spl. Category Goods is captured in box (S) and (S1) respectively here.
1. Adjustment of advance tax
The value of entry made in journal voucher for adjusting the value of CST on special category goods against the advance tax payment made using the VAT Adjustment - Advance Tax Paid is captured here.
In journal voucher, select Advance Tax Paid as the VAT Adjustment in the Used for field.
Debit: CST - Spl Category Goods ledger (grouped under Duties & Taxes with VAT/Tax Class - Inter-State Sales - Spl Category)
Credit: Advance Tax ledger (grouped under Current Assets)
2. Entry tax paid, TDS, refund, if any
The value of entry made in journal voucher for adjusting the value of CST on special category goods against the entry tax payment made using the VAT Adjustment - Adjustment Towards Entry Tax Paid is captured here.
In journal voucher, select Adjustment Towards Entry Tax Paid as the VAT Adjustment in the Used for field.
Debit: CST - Spl Category Goods ledger (grouped under Duties & Taxes with VAT/Tax Class - Inter-State Sales - Spl Category)
Credit: Entry Tax ledger (grouped under Current Assets)
Less: Total (1+2) T3
The total value of CST on special category goods adjusted against advance tax and entry tax [box 1+2] is captured here.
TOTAL TURNOVER (F)+(J)+(S)
The total of box (F)+(J)+(S) is captured here.
Net tax payable (T4)=(T2+S1)-T3
The net tax payable amount, i.e., box (T2+S1) - (T3) is captured here.
A. Payment details
Amount Payable, if (T4) is excess of (E)
The tax payable if any, i.e., box (T4) – (E) is captured here.
Amount Paid
The amount entered in Payment voucher by selecting VAT in Payment towards field of VAT Payment Details screen is captured here.
The Instrument No., Deposit Date, Name of Bank & Branch (remittance) and Branch code (remittance) provided in VAT Payment Details screen of payment voucher along with the VAT amount is captured in respective fields of this section.
The excess tax credit is any, i.e., box (E) - (T4) is captured here.
The value of journal entry made by selecting Refund Claimed on Zero Rated Sales in Used for field is captured here.
Journal Entry
Select Refund Claimed on Zero Rated Sales in Used for field
Debit: Refund on Exports grouped under Indirect Incomes
Credit: Input VAT ledger
The value of journal entry made by selecting Adjustment Towards CST in Used for field is captured here.
Journal Entry
Select Adjustment Towards CST in Used for field
Debit: CST ledger grouped under Duties & Taxes with Type of Duty/Tax as CST
Credit: Input VAT ledger
The total of refund claimed and CST amount adjusted, i.e., box 1 + 2 is captured here.
The excess of input tax credit carried forward to the next return period is any is captured here.
DECLARATION
The Place, Date, Name of Authorised Person and Status/Designation is captured as per the information provided in Print Report screen of Form I.