Additional Ledgers [ VAT ]in Tally.ERP 9

Current Asset Ledger

In excise and VAT enabled Company, if the excise ledger is grouped under Current Assets, the field - Type of Duty/Tax will be displayed. On selectingCENVAT as the Type of Duty/Tax, the ledger values entered in purchase entry gets apportioned to purchase cost. VAT will be calculated on the apportioned assessable value.

In Current Asset ledger master, if the Type of Duty/Tax is set to Not Applicable in Excise and VAT enabled Company, the field - Use for Assessable Value Calculation will be displayed. On enabling it, the fields - Apportion for and Method of Apportion gets enabled. Select VAT in Apportion for field and set the Method of Apportion to either Based on Quantity / Based on Value. This will apportion the excise duty to purchase cost for calculation of VAT on the apportioned assessable amount of purchases based on quantity/value as selected in ledger master.

In the Ledger creation screen of Excise and VAT enabled Company,

  • Enter the Name as Excise Duty

  • Select Current Assets as the group name in the Under field

  • Set the option Use for Assessable Value Calculation to Yes. On enabling this option, the additional fields - Apportion for and Method of Apportion will be displayed.

  • In the App

 

 

 

 

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