The VAT Computation reports provide the Assessable Value and the Tax Amount of the sales and purchase transactions entered using different Composite VAT/ Tax classifications.
To view the VAT Composition Computation report,
Go to Gateway of Tally > Display > Statutory Reports > VAT Composition > VAT Composition Computation
The above screen displays the total of Composite VAT payable on sales and purchases made during the specified period. The VAT Composition computation report shown above precisely indicates the value of Composite VAT Payable.
The Assessable Value is the sum of the total value of goods at which they are purchased and sold. This assessable value is the value on which Composite VAT is calculated.
The total Tax Amount calculated on Assessable value using the respective Tax percentage is the Tax Amount.
You can set the option Show Purchase VAT Classifications to Yes in F12: Configuration to display the purchase classifications.
The VAT Computation screen now displays as shown:
The print preview of Form VAT 120 appears as shown: