Record purchase works contract details in vouchers with Purchase – Works Contract as the Nature of Transaction. Deduction can be claimed for tax calculation.
This nature of transaction is provided for Andhra Pradesh, Assam, Bihar, Chhattisgarh, Dadra & Nagar Haveli and Daman & Diu, Delhi, Goa, Gujarat, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Puducherry, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.
- Gateway of Tally > Vouchers > press F9 (Purchase).
Alternatively, press Alt+G (Go To) > Create Voucher > press F9 (Purchase).
- Enter 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 – Works contract.
Note: If common purchase ledger is being used, press F12 Configure in the invoice, and set the option Modify Tax Rate Details for VAT to Yes. Select Purchase - Works Contract in the VAT Classification Details screen.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. The amount is auto calculated.
- Press Enter.
- Enter the required details in Deduction Claimed for Tax Calculation screen. The Deduction Claimed for Tax Calculation screen appears as shown below:
- Press Enter to save and return to the purchase invoice.
- Select the VAT ledger.
Note: Based on the state-specific tax structure, select cess/surcharge/additional tax ledger after VAT ledger.
- To view the VAT – Tax Analysis screen, press Ctrl+O (Related Reports) > select Voucher under Details of > and type or select VAT – Tax Analysis.
If you are on TallyPrime Release 1.1.3 or earlier, follow the step:
To view the VAT – Tax Analysis screen, press Ctrl+I (More Details) > select Voucher under Details of > and type or select VAT – Tax Analysis.
- Press Alt+F5 (Detailed) to view in detailed mode. The VAT – Tax Analysis screen appears as shown below:
- Pres Esc to return to purchase invoice screen. The purchase invoice appears as shown below:
- 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.