VAT returns is filed by registered VAT dealers with the VAT authorities at the end of the reporting period. You can generate this return form in Tally.ERP 9. Further, to help you verify the tax details before generating the returns, a report is available that displays the tax computation for the return period.
All transactions, whether recorded correctly, incorrectly or inadequately, are captured and categorised in this report. Additionally, the report allows you to verify, resolve exceptions, and finalise the return for filing. You can save the returns, in case any changes are made in transactions or masters after saving the returns, the original returns can be revised or overwritten.
Display the VAT Return report
1. Go to Gateway of Tally > Display > Statutory Reports > VAT > VAT 201 .
VAT 201 report appears as shown below:
The different sections of the report are:
● Returns Summary
● Particulars (computation details)
o VAT on Marginal Scheme
o Advance Receipts Summary
o Reverse Charge Summary
● Payment Details
You can select any row and press Enter to drill down and view detailed information.
This section provides a summary of all the transactions recorded in the reporting period. The transactions are further classified based on the presence of VAT details in the vouchers, and their effect on the returns.
● Total number of vouchers for the period : Displays the total number of vouchers recorded in the reporting period. Drill down from this row to view the Statistics report, which displays the list of voucher types, with the corresponding voucher count.
● Included in returns : Displays the number of vouchers that have all the information in corresponding masters and transactions to comply with requirements of filing returns. These vouchers are included in the returns for the period.
● Not relevant for returns : Displays the number of vouchers which are not part of the returns, as VAT details are not provided in these transactions. These transactions will have no implication on the returns.
● Incomplete/mismatch in information (to be resolved) : Displays the number of vouchers with insufficient VAT-related information. These are exceptions that need to be resolved for the vouchers to be included in the returns. These vouchers are not listed under Included in returns or Not relevant for returns row. Drill down from this row to view the list of exception types and number of exceptions under each type. These exceptions can be resolved right away, without having to alter vouchers or update masters one by one.
The following types of vouchers may appear here: contra vouchers, payroll vouchers, order vouchers, inventory vouchers, memorandum vouchers, reversing journals.
● Information required for generating Audit File not provided : Displays the number of transactions excluded from the audit file due to insufficient information.
This section displays the transaction values considered in the returns and annexures along with the amount of liability, input credit, adjustments and VAT payable or refundable. The assessable value of sales and purchases, and the tax applicable, if any, are displayed under respective columns for the specific period. Drill down reports are provided for Local Supplies, GCC Supplies, Outside GCC Supplies, Local Purchases, GCC Purchases, Outside GCC Purchases, and VAT adjustments up to the transaction level.
The excess input credit of previous period will appear in the current period, if the
● VAT ledger has debit balance as of previous return period
● Return is saved.
In case you want to provide opening balance for input VAT, you can record a journal voucher for opening balance by debiting and crediting VAT ledger with the amount that needs to be carried forward.
● Sales (Outwards) : Displays the total sales (local, GCC and exports), which include taxable, exempt, and zero rated sales with the corresponding tax amount. The tax liability recorded for reverse charge, advance receipt and VAT adjustments for sales is also displayed. In the detailed mode ( F1: Detailed) the names of the emirate/region to which these sales were made are also displayed for each type of sales.
● Purchases (Inwards) : Displays the total purchase (local, GCC and imports) which include taxable, exempt, and zero rated purchases with the corresponding tax amount. The input credit for reverse charge liability, capital goods purchase, excess input credit carried forward from previous period, and VAT adjustments for inwards is also displayed.
● VAT Payable or Refundable: Displays the aggregate of taxes payable or refundable for a particular period. Using this information, the required adjustment entries can be recorded. Excess input tax credit remaining after nullifying the VAT liability against the input VAT is displayed as refundable.
This section contains statistics of all VAT payment vouchers of the current period. Expenses such as payment made to party, petty expenses, or statutory payments other than VAT are not displayed .
Tax Payments (Included) : Drill down from this row to view a ll payment vouchers recorded for VAT and other dues like interest and penalty (using the Stat Payment feature), made for the return period.
Tax Payments (Not Included/Uncertain) : Drill down from this row to view tax payment vouchers that are not included in the returns due to insufficient information.
Tax paid at customs : Drill down from this row to view payment vouchers recorded for VAT paid at customs.
VAT Paid : Displays the amount of VAT paid for the reporting period. Drill down from this row to view the list of payment vouchers recorded by VAT remittance.
Balance VAT Payable : Displays the balance VAT payable for the period.
Show break-up of nett values? : Enable this option to view the gross and deductions or additions, resulting from return of goods or change in value of goods, break-up for the net values shown in the Particulars section of the report.