Form VAT 16 is a monthly return form for dealers with VAT registrations. The Form VAT 16 report provides an overview of the statistics of transactions pertaining to a period.
It displays the following:
● Assessable value and tax amount of purchases, sales, payments
● The amount of VAT payable/ refundable
● The count of included transactions that form a part of VAT annexures
● Uncertain transactions which have partial information, and require user intervention to provide the required details
This report has intuitive exception handling features. It can be drilled down to the voucher entry level to display complete information of each transaction. Exceptions can be solved to generate returns to be filed for a particular period. The report provides the facility to save the original returns. If any changes are made in transactions, the information can either be overwritten or saved as revised returns.
To view the Form VAT 16
● Go to Gateway of Tally > Display > Statutory Reports > VAT > VAT Form 16.
Form VAT 16 can be filed on time with the accurate information available in this report. It has three main sections: