VAT EXEMPTED

VAT EXEMPTED

Natural and unprocessed goods are called exempted goods. These goods are totally tax free. Each state government allows commodities categories of exempted goods.

Working steps:-

Create a company and then activate VAT as follow:

To Activate VAT: - G.O.T. (Gateway of Tally)--> Press F11 (Company Features)--> Press F3 (Statutory & Taxation).

Now create ledger as follow:-

Path for ledger creation: - G.O.T. (Gateway of Tally)--> Accounts Info--> Ledger--> Create (Single).

After that create stock master as follow:-

To Create Stock Group: - G.O.T. (Gateway of Tally)--> Inventory Info--> Stock Group--> Create (Single).

To Create Stock Item: - G.O.T. (Gateway of Tally)--> Inventory Info--> Stock Item--> Create (Single).

And then do voucher entry as follow:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F9 (Purchase Voucher).

Press F8 to Open Sales Voucher.

Now you can see the VAT report as follow:-

Path for view VAT report: - G.O.T. (Gateway of Tally)--> Display-->Statutory Report -->VAT Report--> VAT Computation.