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.
- Gateway of Tally > Vouchers > press F9 (Purchase).
Alternatively, press Alt+G (Go To) > Create Voucher > press F9 (Purchase).
- Press Ctrl+H (Change Mode) to select the required voucher mode (As Voucher, in this case).
- Enter Supplier Invoice No. and Date.
- Credit the party ledger and enter the amount.
- 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.
- Debit the VAT ledger predefined with VAT as the Type of duty/tax and applicable notional tax rate. The VAT Details screen appears.
- Set the option Provide VAT details to Yes. In the Statutory Details screen.
- Accept the screen. As always, you can press Ctrl+A to save.
The value of this transaction gets captured in the relevant fields of state-specific VAT/CST forms and annexures.