VAT Reports is the returns that you will require to file based on the guidelines from the Department. Depending on the location or State where your business is established, you as a registered dealer will need to follow the process of returns filing by filling in necessary information applicable to the location of your business.
For illustration purpose, let’s consider the VAT Return applicable for the State of Karnataka – Form VAT 100.
Form VAT 100 is the monthly VAT return filed by registered dealers in Karnataka. You can generate this return form along with supporting annexures in TallyPrime. Further, to help you verify the tax details before generating the returns, a report is available to display 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 design allows you to verify, resolve exceptions and finalise the return for filing. You can save the original returns, and in case changes are made in periodic returns after saving, the information can be either overwritten or saved as revised.
For illustration purpose, let us consider the VAT Return applicable for the State of Karnataka – Form VAT 100.
Go to Gateway of Tally > Display More Reports > VAT Reports > Form VAT 100.
Alternatively, press Alt+G (Go To) > type or select Form VAT 100.
The Form VAT 100 report appears as shown below:
Similarly, you can to open the respective VAT form for your applicable state.
Now let’s understand the return report in TallyPrime. The different sections of the report are:
- Return Summary
- Payment Details
This section provides a summary of all 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 and annexures.
Return Summary appears as shown below:
To understand more about Return Summary please click here.
This section displays the transaction values considered 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 for the specific period. Drill-down reports are provided for local purchases, interstate purchases, local sales and interstate sales, and VAT adjustments up to the transaction level.
Particulars appears as shown below:
To understand more about Particulars please click here.
This section contains statistics of all VAT and CST payment vouchers of the current period. Payments made to party, petty expenses, or any statutory payments other than VAT or CST are not displayed here.
Payment Details appears as shown below:
To understand more about Payment Details please click here.
Drill down from any part of the return report to incrementally display detailed information at subsequent levels.
TallyPrime helps you remain compliant with VAT. Click the following links to know more about managing your accounts for VAT.
Annual Return Summary
Challan Reconciliation Report