Particulars of Computation Details for Annual Return (VAT)
The Particulars of Computation Details for Annual Return (VAT) 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 till the transaction level.
Total sales (local and interstate) which include the assessable value of taxable and exempted sales, and the corresponding tax amount are displayed here.
- In the annual computation report, press Alt+F5 (Detailed) to display the report in detailed mode.
- Press Enter from any row displayed in italics, under Local Sales or Interstate Sales to display the Summary screen with quarter-wise sales value for selected VAT rate. The Summary screen appears as shown below:
Similarly, quarter-wise sales value for other VAT rate can be displayed by drilling down from respective VAT rate row in the report.
Drill down from any quarter to view item-wise sales details for the quarter.
Total purchase (local and interstate) which include the assessable value of taxable and exempted purchases, and the corresponding tax amount are displayed here.
- Press Alt+F5 (Detailed) to display the report in detailed mode.
- Press Enter from any row displayed in italics, under Local Purchases or Interstate Purchases to display the Summary screen with quarter-wise purchase value for selected VAT rate. The Summary screen appears as shown below:
Similarly, quarter-wise purchase value for other VAT rate can be displayed by drilling down VAT rate row in the report.
Drill down from any quarter to view item-wise purchase details for the quarter.
VAT Payable or Refundable
Aggregate of taxes payable or refundable for a particular period is displayed here. Using this information, the required adjustment entries can be recorded. Excess input tax credit remaining after nullifying the output VAT against the input VAT, appears as refundable.
The various types of VAT adjustments done can either increase or decrease the liability/input credit. The VAT adjustment entries display only the aggregate value of input and output VAT.
In Form RT-III, only the adjustment transactions recorded for the financial year are considered. These adjustment transactions should be recorded within the annual return filing date. The annual return filing date for this form can be set by pressing Ctrl+F2 (Pymt. Till Date) in the report and is displayed as shown below:
VAT payments and adjustments for the annual return can be recorded within this set period.
Adjustment transaction for annual return are recorded by selecting the entire financial year as the period in the Statutory Details screen of the journal voucher. Drill down from VAT Adjustments row to display the list of adjustment transactions recorded for annual return.
VAT Payable or Refundable after Adjustments
The amount available after considering the adjustment entries recorded against the VAT payable or refundable amount is displayed here.
The CST payable on interstate sales, after considering the input VAT offset against the CST dues is displayed here.
Show break-up of nett values
This option is provided to display break-up to help view the calculations used to arrive at the final value. The final (nett) values for each tax rate are displayed in the report after deducting rejections and adjustments. The assessable value and tax amount for gross value, rejections and adjustments are displayed by enabling this option.
- Press F12 (Configure) to display Configuration screen.
- Enable the option Show break-up of nett values.
- Accept the screen. As always, you can press Ctrl+A to save.
The rows Gross Value, Returns, and Addition/Deduction are displayed below each tax rate in detailed mode of the report. You can drill down from any row to view the list of vouchers with assessable value and tax amount.
On drill down from Gross Value row, the purchase/sales transaction that are part of gross value are displayed in Voucher Register report. Similarly, to view the purchase return/sales return transactions with assessable value and tax amount deducted from gross value, drill down from Returns row. Further, drill down from Addition/Deduction to view the debit note/credit note transactions recorded for escalation or de-escalation in price. The assessable value and tax amount from these transactions are added to or deducted from gross value to arrive at net value.