Vat (value added tax)
Value added tax also known as " VAT" is levied on products or goods at every stage of production , distribution of goods and services. when a person purchase and sell some goods and services then he have to pay some percentage of his profit in favour of government. If someone turnover is less then 5 lakh then it is not required to pay vat to govt. The value which is added in the nominal value of goods with profit is called vat.
Meaning and concept of value added tax
Vat is imposed on goods and services at export stage, import stage, manufacturing stage, wholesale and retail stage. Vat is applied for some specific goods and services. However in the year 2017, the goods and services tax (gst) has been introduced in place of all indirect taxes in India but there are some exceptional cases where value added tax "vat" has been implemented. Vat in India is computed on some particular goods and services.
Vat example: Gold, silver, precious stones and alcohol etc.
Let's take a practical example:
A ltd. Has computer @ 30000 each. A ltd. Consider vat rate applicable is 10% and his profit 3000. He will sell his computer on agreed value amounted 36300* to B ltd. The vat payable to government is 3300(33000×10/100)
*( Nominal value 30000, profit 3000, vat rate 10% on 33000)
How to implement vat entry in telly ERP 9
Step 1: create a company by pressing alt+F3
Step 2: Press F11 for company features
1. Select inventory features
Enable multiple godown
Enable maintain stock categories
2. Select statutory and taxation features
Enable vat option
Enable set/alter vat option.
Step 3: Back to gateway of telly go to account info create vat class:
As per requirement.
Purchase@4%
Sales@5%
Input vat@4%
Output vat@5%
(Note: step 3 applies only if you are using latest version of telly ERP 9)
Step 4: Back to gateway of telly select account info. --> ledgers --> create:
Purchase@4% a/c under purchase a/c
Sales@5% under. Sales account
Input vat @4%. Under. Duties and taxes
Input vat @4%. Under. Duties and taxes
Output vat@5%. Under. Duties and taxes
Vat is applicable in above ledgers.
Bank a/c. Under. Bank account
Creditors(name) Under. Sundry creditors
Debtors( name) Under. Sundry debtors
Step 5: Back to gateway of telly choose accounting voucher Press F9 for purchase voucher then pass purchase entry.
Step 6: Press F5 for payment voucher then make payment to creditors.
Step 7: Then press F8 for sales voucher then pass sales entry.
Step 8: Press f6 for receipt entry and get receipt from debtors.
Step 9: Back to gateway of telly select display ---> statutory reports--> vat computation. For checking results.
Step 10: Deposit the vat payable to government if any.
Bank a/c. Under. Bank account
Creditors(name) Under. Sundry creditors
Debtors( name) Under. Sundry debtors
Step 5: Back to gateway of telly choose accounting voucher Press F9 for purchase voucher then pass purchase entry.
Step 6: Press F5 for payment voucher then make payment to creditors.
Step 7: Then press F8 for sales voucher then pass sales entry.
Step 8: Press f6 for receipt entry and get receipt from debtors.
Step 9: Back to gateway of telly select display ---> statutory reports--> vat computation. For checking results.
Step 10: Deposit the vat payable to government if any.
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It's great to have you here. I really like the colours and theme.
ReplyDeleteIs this your website? I'd like to start working on my project as soon as possible.
If you don't mind, I was curious to know where you got this or what theme you're using.
Thank you!
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