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MRP Sales [ VAT ]in Tally.ERP 9

In the Stock item master, the option Use MRP to Print is provided. This field will be set to No by default. So the MRP/Marginal rate entered in the invoice will be considered for calculation of Output VAT. On setting Use MRP to Print as Yes, the VAT will be calculated on the Item rate.

Stock Item Master - Setting Use MRP to Print to No

Go to Gateway of Tally > Inventory Info. > Stock Items > Create/Alter

Press F12: Configure and set Calculate VAT on MRP/Marginal to No.


[Img-53]

Accept the stock item master.

Sales Invoice with MRP/Marginal Option to Calculate VAT on MRP

Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Select Tax Invoice from the List of Types

Press F12: Configure and set Use Common Ledger Account for Item Allocation to Yes.

  1. Enter the reference in the Ref. field, if required.

  2. Select the Party’s A/c Name from the List of Ledger Accounts.

  3. Select the Sales Ledger with the required VAT/Tax classification.

  4. In the VAT/Tax Class field, the classification predefined for the sales ledger will be displayed. If VAT/Tax class is not predefined in the ledger master, select the same in this field.

  5. Enter the Quantity and Rate. The amount is automatically displayed in the Amount field.

  6. In the MRP/Marginal field, enter the MRP of the stock item.

  7. Select the appropriate Output VAT ledger from the List of Ledger Accounts. The amount of output VAT is calculated on the value of MRP rate multiplied with the quantity. This is because, the option - Use MRP to Print is set to No in the stock item master. (72 kgs * 250 * 17% = 3,060)

  8. Set Show Statutory Details field to Yes to view the sales details with the tax break-up.


[Img-54]

  1. Press Enter to view the Statutory Details screen. The Statutory Details screen provides a break-up of assessable value, MRP and tax amount.


[Img-55]

  1. Accept the Statutory Details screen.

  2. Accept the tax invoice.

Note: The MRP rate multiplied by the quantity will be captured in the MRP Value column of VAT Classification Vouchers Report.

The print preview of tax invoice with assessable value and VAT calculated on MRP appears as shown:


[Img-56]

Stock Item Master - Setting Use MRP to Print to Yes

Go to Gateway of Tally > Inventory Info. > Stock Items > Create/Alter

Set Use MRP to Print to Yes.


[Img-57]

Accept the stock item master.

Sales Invoice with MRP/Marginal Rate - Calculate VAT on Item Value

In the tax invoice,

  1. Select the Sales Ledger with the required VAT/Tax classification.

  2. In the VAT/Tax Class field, the classification predefined for the sales ledger will be displayed. If VAT/Tax class is not predefined in the ledger master, select the same in this field.

  3. Enter the Quantity and Rate. The amount is automatically displayed in the Amount field.

  4. In the MRP/Marginal field, enter the MRP of the stock item.

  5. Select the appropriate Output VAT ledger from the List of Ledger Accounts. The amount of output VAT is calculated on the value of Item rate multiplied with the quantity. This is because, the option - Use MRP to Print is set to Yes in the stock item master. (8 nos * 8,000 * 1% = 640)

  6. Set Show Statutory Details field to Yes to view the sales details with the tax break-up as shown:


[Img-58]

  1. Accept the Statutory Details screen.


[Img-59]

  1. Accept the tax invoice.

The Print preview of tax invoice appears as shown:


[Img-60]

 
 
 
 
Tally.ERP 9 Reference Manual LIBRARY
1.
Installation of Tally.ERP9
2.
Site Licensing of Tally.ERP9
3.
Shortcut Keys in Tally.ERP9
4.
Maintaining Company Data
5.
Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
6.
Voucher Entry
7.
Reports in Tally.ERP9
8.
Excise for Dealer
9.
Excise for Manufacturer
10.
Reports [ Excise for Manufacturer]
11.
Excise for Importer
12.
Service Tax in Tally.ERP9
13.
Tax Collected at Source (TCS) in Tally.ERP9
14.
Tax Deducted at Source (TDS) in Tally.ERP9
15.
Value Added Tax (VAT) in Tally.ERP9
16.
Central Sales Tax (CST) in Tally.ERP9
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
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