OPENING STOCK CLAIM
VAT is applicable after Sales tax paid on unsold stock. If
sales tax is more than VAT tax then the trader claim to VAT officer within 30
days of implementation of the act. The assessing officer verifies it and the
credit may be adjusted in six months.
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).
Create ledger as follow:-
Path for
ledger creation: - G.O.T. (Gateway of Tally)--> Accounts Info--> Ledger--> Create (Single).
Here, press F11 and then F1.
Now do voucher entry:-
Path for
voucher creation: - G.O.T. (Gateway of Tally)--> Accounting Voucher--> Press F7 (Journal Voucher).
The extra tax which is paid to the government is divided into
six parts due in the entry passed below:
Now alter in voucher types:-
Path for
Alteration in Voucher Types:- G.O.T. (Gateway of Tally)--> Accounts Info--> Voucher Types--> Alter--> Journal.
Again do voucher entry:-
Path for
voucher creation: - G.O.T. (Gateway of Tally)--> Accounting Voucher--> Press F7 (Journal Voucher).
You can see the VAT report.
