Sales Inclusive of Tax in TallyPrime (VAT)
Create sales voucher to record sales inclusive of duties and taxes.
To record sales inclusive of tax
1. Gateway of Tally > Vouchers > press F8 (Sales).
Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales).
2. Select the party ledger in Party’s A/c Name field.
3. Select the sales ledger with taxable nature of transaction.
4. Select the stock item.
As always, press Alt+C, to create a master on the fly.Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Items > press Enter.
To create stock item with inclusive of tax configuration
1. Gateway of Tally > Create > type or select Stock Item > and press Enter.
Alternatively, press Alt+G (Go To) > Create Master > Stock Item > and press Enter.
2. Press F12 (Configure).
- Set Allow inclusive of tax for stock items? to Yes. When you enable this, and use the stock item in invoice, a sub screen Rate (Inclusive of Tax) appears in which you can enter the total amount inclusive of tax. The tax amount gets back calculated.
- Press Ctrl+A to accept.
3. Enter the name of the stock item in the Name field.
4. Select the required stock group in the Under field.
5. Select unit of measurement in the Units field.
6. Select the option Applicable in the VAT Applicable field.
7. Enable the option Set/alter VAT details?.
- Enter Tax rate. The option Tax type is set to Taxable if tax rate is above 0 in VAT Details screen.
- Accept the screen. As always, you can press Ctrl+A to save.
8. Set Is Inclusive of duties and taxes? to Yes.
9. Accept the screen. As always, you can press Ctrl+A to save.[/expand]
5. Enter the Quantity. The Inclusive of Tax screen appears as shown below:
- Enter the Rate (Inclusive of Tax).
- Press Enter to save and to return to sales invoice.
Note:You can enable an additional column in the invoice to enter the stock item value, which is inclusive of tax.
You can enter the rate inclusive of tax in a separate column in the invoice, even for stock item in which Allow inclusive of tax for stock items is not enabled in the stock item configuration screen. The tax amount gets back calculated. To enter the invoice value (inclusive of tax) by enabling an additional column in the invoice
1. Press F12 (Configure) and set the option Allow entry of rate inclusive of tax for stock item to Yes.
2. Press Ctrl+A to save. The column Rate (Incl. of Tax) appears in the invoice.
3. Enter the stock item value inclusive of tax in this column.
6. Select the common VAT ledger.
The ledger must be grouped under Duties & Taxes in which the options:
Type of duty/tax set to VAT (CST in case of interstate sales).
Percentage of Calculation (eg 5)? set to 0.
7. Enter Narration, if required.
The sales invoice appears as shown below:
8. Accept the screen. As always, you can press Ctrl+A to save.