This section displays the values used in the returns and annexures along with the amount of liability, input credit, adjustments, and VAT/CST payable or refundable.
The assessable value of sales and purchases, and the tax applicable, if any, are displayed under respective columns. The computation provides the net value of sales, purchases, input and output VAT claimed or collected for a specific period. This helps to arrive at the total sales and purchases for the return period.
The details available in this section are:
1. Sales: It displays the total sales (both, local and interstate) which includes the assessable value of taxable and exempted sales, and the corresponding tax amount. The total local and interstate sales are divided into Taxable and Exempt and are further classified tax rate-wise. The tax rate-wise rows appear in italics only in detailed mode ( F1 : Detailed ).
2. Purchases: It displays the total purchases (both, local and interstate) which includes the assessable value of taxable and exempt purchases, and the corresponding tax amount. In case of purchases from unregistered dealers, amount of tax liability recorded in the books, and liability not recorded, are displayed under different rows for each tax rate.
The total local and interstate purchases are divided into Taxable and Exempt and are further classified tax rate-wise. The tax rate-wise rows appear in italics only in detailed mode ( F1 : Detailed ). Additionally, purchase tax liability created on purchase of goods from unregistered dealer is also displayed under Purchase tax liability (not recorded) and Purchase tax liability (as recorded) for each tax rate.
3. Payable/ Refundable: This is the aggregate of taxes payable/ refundable for a period. It can be either payable or refundable for each return period. This shows the liability/excess input credit for the period, before any adjustments.
The calculation involved is:
VAT payable = Tax on Sales - Input Tax on Purchases - Credit brought forward
During a tax period, on nullifying the output VAT against the input VAT, if the input VAT amount is in excess, then such excess amount is shown as Refundable .
The calculation involved is:
VAT Refundable = Excess Input tax after setting off ( Tax on Sales - Input Tax - Credit brought forward )
4. Adjustments: The various types of VAT adjustments done can either increase or decrease the liability/ input credit. The VAT adjustment entries display only the aggregate value of input and output VAT.
5. Payable after Adjustments or Refundable after Adjustments: The amount available after deducting adjustments from payable/refundable is displayed here.
This option is provided to display break-up to help view the calculations used to arrive at the final value. The final (nett) values for each tax rate are displayed in the report after deducting rejections and adjustments. The assessable value and tax amount for gross value, rejections and adjustments are displayed by enabling this option.
To view break-up of nett value
1. Click F12: Configure to display Configuration screen.
2. Enable the option Show break-up of nett values? .
3. Press Ctrl+A to accept.
The rows Gross Value , Returns , and Addition/Deduction are displayed below each tax rate in detailed mode of the report. You can drill down from any row to view the list of vouchers with assessable value and tax amount.
On drill down from Gross Value row, the purchase/sales transaction that are part of gross value are displayed in Voucher Register report. Similarly, to view the purchase return/sales return transactions with assessable value and tax amount deducted from gross value, drill down from Returns row. Further, drill down from Addition/Deduction to view the debit note/credit note transactions recorded for escalation or de-escalation in price. The assessable value and tax amount from these transactions are added to or deducted from gross value to arrive at net value.
Note: For some states delivered in 5.4, stock item wise report is displayed on drill down. Further, you can use the options provided to view the report ledger wise, commodity wise or voucher wise for these states.