Purchase of capital goods is recorded as purchase of fixed assets. Some capital goods are notionally taxable on which input tax credit can be availed.
This nature of transaction is provided for Chandigarh.
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase .
2. Press Ctrl+V to switch to voucher mode.
3. Click F12: Configure . In the configuration screen,
● Click F12: Advanced .
● Set the option Allow expenses/fixed assets in purchase vouchers? to Yes .
● Press Ctrl+A to accept the configuration screen.
4. Enter Supplier Invoice No. and Date .
5. Credit the party ledger and enter the amount.
6. Debit the fixed assets ledger (grouped under Fixed Assets and with Purchase Notional - Capital Goods selected as the Nature of transaction with applicable tax rate), and enter the assessable value.
7. Debit the VAT ledger predefined with VAT as the Type of duty/tax and applicable notional tax rate. The VAT Details screen appears.
● Enter the details as shown below:
● Press Enter to save and return to the purchase voucher.
8. Set the option Provide VAT details? to Yes . In the Statutory Details screen
● Enter the purchase details as shown below:
● Press Enter to save and return to the purchase voucher.
The purchase voucher appears as shown below:
9. Press Enter to save.
The value of this transaction gets captured in the relevant fields of state-specific VAT/CST forms and annexures.