Purchase with Transfer of Right to Use (VAT)
You can record purchases by selecting the nature of transaction Purchase Transfer of Right to Use.
This nature of transaction is provided for Odisha and West Bengal.
- Gateway of Tally > Vouchers > press F9 (Purchase).
Alternatively, press Alt+G (Go To) > Create Voucher > press F9 (Purchase).
- Enter the Supplier Invoice No. and Date.
- Select the party ledger in the field Party A/c name.
As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > press Enter.
- Select the purchase ledger grouped under Purchase Accounts with the Nature of transaction set to Purchase Transfer of Right to Use, and predefined with the applicable tax rate.
As in other transactions, you can create the ledger on the fly by pressing Alt+C. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > and press Enter.
- Select the stock item. Enter the Quantity and Rate. In the VAT Classifications 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.