The tax rates for VAT and excise get automatically migrated to release 5.5 from releases prior to 5.0.
● The latest tax rates of the stock items are migrated for a company maintaining accounts and inventory. If there are no stock items, the tax rates are migrated for ledgers that are enabled with VAT.
● If multiple rates are used for the stock items, all the unique rates at which the sales transactions were recorded in the last three quarters are migrated to the stock item master. If sales transactions are not available, then the unique rates of purchase transactions are considered.
● Each unique rate gets migrated to the stock item with the first transaction date as the Applicable From date.
● The rates of the stock item sold or purchased as an exempted item are ignored, and not migrated. Since it is not appropriate to migrate the rates automatically, these exceptions should be resolved.
● The following details are migrated in the stock item:
o Tax rate.
o Additional tax/cess (if any).
o MRP (if any).
o Commodity Name, code, and sub-commodity code.
The tariff details configured in the stock items are migrated, irrespective of the transactions being recorded or not.
The following details are migrated in the stock item:
● Tariff name
● HSN code
● Reporting UoM
● Type of tariff
● Valuation type
● Duty heads and Excise rates
To manually migrate tax rates for VAT and excise
1. Go to Gateway of Tally > press Ctrl+Alt+M. The Migrate Data screen appears as shown below:
2. Select the required module from the List of Modules to migrate to release 5.3.
Note: The option Tax Rates for VAT & Excise is available only if the data is enabled with VAT and excise. Only stock items which are not migrated or configured in 5.0, 5.1, and 5.2 can be migrated.