Function of the Field Local VAT Rate Provided in Release 5.4

The local VAT rate applicable on this transaction has to be furnished to the Delhi VAT department. For example, if a dealer of Delhi purchases goods from Karnataka, the Karnataka dealer raises an invoice against C Form.

The local VAT rate applicable on this transaction has to be provided in the returns. Hence, the facility to define local rate of VAT in the interstate purchase and sales ledgers of accounts only and accounts with inventory companies  is provided.

The option to enter Local VAT Rate is provided for the following nature of transactions:

     Interstate Purchase - Against Form C

     Interstate Purchase - E1

     Interstate Purchase - Taxable

     Interstate Sales - Against Form C

     Interstate Sales - E1

The VAT Details screen with Local VAT rate appears as shown below: