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Manoj Garg (Support on Tally Excel Password Recovery etc.)     04 April 2011

New VAT Class as per Statutory Requirements

Introduction of VAT/Tax Classifications as per Statutory Requirements

As per the finance bill/budget proposals of various State Governments and Notification of Orissa Commercial Taxes Department to revise the VAT Rates, new VAT/Tax Classifications have been intro-duced effective from April 1, 2011 to support billing of transactions. The value of entries made using these classifications will be currently captured only in VAT Computation report. In the forth-coming Stat.900 releases, the functionality will be enhanced to capture the value of entries made using the new VAT/Tax class in respective VAT Forms. The list of States with the respective VAT/Tax classifications is as follows:

p Bihar

n  Purchases @ 5%

n  Purchases @ 13.5%

n  Purchases - Capital Goods @ 5%

n  Purchases - Capital Goods @ 13.5%

 n  Purchase From URDs - Taxable Goods @ 5%

n  Purchase From URDs - Taxable Goods @ 13.5%

n  Input VAT @ 5%

n  Input VAT @ 13.5%

n  Input Tax Credit on Purchase From URDs @ 5%

n  Input Tax Credit on Purchase From URDs @ 13.5%

n  Sales @ 5%

n  Sales @ 13.5%

n  Sales @ 5% to URDs

n  Sales @ 13.5% to URDs

n  Output VAT @ 5%

n  Output VAT @ 13.5%

n  Output VAT @ 5% to URDs

n  Output VAT @ 13.5% to URDs

n  Purchase Tax @ 5%

n  Purchase Tax @ 13.5%

p Jammu & Kashmir

n  Purchases @ 25%

n  Sales @ 25%

n  Input VAT @ 25%

n  Output VAT @ 25%

n  Purchase Tax @ 25%

p Karnataka

n  Purchases @ 14%

n  Purchases - Capital Goods @ 14%

n  Interstate Purchases @ 14%

n  Purchase From URDs - Taxable Goods @ 14%

 n  Sales @ 14%

n  Sales - Works Contract @ 14%

n  Interstate Sales @ 14%

n  Input VAT @ 14%

 n  Input Tax Credit on Purchase From URDs @ 14%

n  Output VAT @ 14%

n  Output VAT - Works Contract @ 14%

n  CST @ 14%

n  Purchase Tax @ 14%

p Maharashtra

n  Sales - Composition @ 5% (Retail)

p Orissa n  Purchases @ 13.5%

n  Interstate Purchases @ 13.5%

n  Purchases - Capital Goods @ 13.5%

n  Transfer of Rights Inward @ 13.5%

 n  Sales @ 13.5% n  Interstate Sales @ 13.5%

 n  Sales @ 13.5% - Transfer of Right to Use

n  Sales - Works Contract @ 13.5%

n  Consignment Transfer Outward of 13.5% Taxable Purc

n  Input Vat @ 13.5%

n  Output Vat @ 13.5%

n  Output VAT @ 13.5% - Transfer of Right to Use

n  Output VAT - Works Contract @ 13.5%

n  CST @ 13.5%

n  Purchase Tax @ 13.5%

p Gujarat

n  Purchases @ 22.5%

n  Purchase From URDs - Taxable Goods @ 22.5%

n  Input VAT @ 22.5%

n  Input Tax Credit on Purchase From URDs @ 22.5%

n  Sales @ 22.5%

n  Output VAT @ 22.5%

n  Purchase Tax @ 22.5%

 

If anybody wants to get these new VAT Class in their Tally 7.2 - Tally 9.0 can contact:

Manoj Garg

Mobile: +91-9927199217

email: datacure @ gmail.com



 7 Replies

Manoj Garg

Manoj Garg (Support on Tally Excel Password Recovery etc.)     08 April 2011

Dear Tally 7.2 / Tally 9.0 users, don't spoil your accounts by using incorrect VAT Class, create all the new required VAT Class in your old Tally.

Contact : Manoj Garg 

Mobile: +91-9927199217

email: datacure @ gmail.com

farrukh

farrukh (Business)     17 April 2011

To create new Vat Class goto Accounts info-Statutory info-Vat Classification-Alter-select the vat class eg Input vat @ 5%-add your state ,.do this for output vat also and you are done

No need to give any one any money

P K

P K (Excel Developer)     22 April 2011

Mr. Boss,

Jalo magar diye ki tarah.

 

The option you are talking about is not present in Default Tally.

 

PK

Manoj Garg

Manoj Garg (Support on Tally Excel Password Recovery etc.)     23 April 2011

Effective from April 1, 2011 new VAT/tax classifications are provided for works contract, consign-ment/branch transfers within state and revised tax rates of Maharashtra, Punjab, Gujarat and Uttar Pradesh respectively to support billing of transactions. The list of States with the respective VAT/Tax classifications is as follows:

Gujarat

n  Purchases @ 5%

n  Interstate Purchases @ 5%

n  Purchase From URDs - Taxable Goods @ 5%

n  Sales @ 5%

n  Interstate Sales @ 5%

n  Input VAT @ 5%

n  Input Tax Credit on Purchase From URDs @ 5%

n  Output VAT @ 5%

n  CST @ 5%

n  Purchase Tax @ 5%

 

Maharashtra

n  Sales - Works Contract @ 5%

n  Sales - Works Contract @ 12.5%

n  Output VAT - Works Contract @ 5%

n  Output VAT - Works Contract @ 12.5%

 

Punjab

n   As per Notification the calculation of Surcharge @ 10% is supported for VAT/Tax class - Output VAT @ 4%, Input VAT @ 4%, CST @ 4%, Purchase Tax @ 4% and Output VAT - Works Contract @ 4%

n  Consignment/Branch Transfer Outward (Within State) n  Consignment/Branch Transfer Inward (Within State)

 

Uttar Pradesh

n  Purchases @ 4% (Addl.Tax @ 5% Applicable)

n  Purchases @ 12.5% (Addl.Tax @ 5% Applicable)

n  Sales @ 4% (Addl.Tax @ 5% Applicable)

n  Sales @ 12.5% (Addl.Tax @ 5% Applicable)

n  Sales Retail @ 12.5% (Addl.Tax @ 5% Applicable)

n  Input VAT @ 4% (Addl.Tax @ 5% Applicable)

n  Input VAT @ 12.5% (Addl.Tax @ 5% Applicable)

n  Input Additional Tax @ 5%

n  Input Tax Credit on Purchase From URDs @ 4% (Addl.Tax @ 5% Applicable)

n  Input Tax Credit on Purchase From URDs @ 12.5% (Addl.Tax @ 5% Applicable) n  Output VAT @ 4% (Addl.Tax @ 5% Applicable)

n  Output VAT @ 12.5% (Addl.Tax @ 5% Applicable)

n  Output VAT (Retail) @ 12.5% (Addl.Tax @ 5% Applicable)

n  Purchase Tax @ 4% (Addl.Tax @ 5% Applicable)

n  Purchase Tax @ 12.5% (Addl.Tax @ 5% Applicable)

 

If anybody wants to get these new VAT Class in their Tally 7.2 - Tally 9.0 can contact:

Manoj Garg

Mobile: +91-9927199217

email: datacure @ gmail.com

Manoj Garg

Manoj Garg (Support on Tally Excel Password Recovery etc.)     09 March 2012

Originally posted by : Manoj Garg
Dear Tally 7.2 / Tally 9.0 users, don't spoil your accounts by using incorrect VAT Class, create all the new required VAT Class in your old Tally.
Contact : Manoj Garg 
Mobile: +91-9927199217
email: datacure @ gmail.com

Manoj Garg

Manoj Garg (Support on Tally Excel Password Recovery etc.)     26 May 2012

For more detail on How to create new VAT Class in Tally 7.2 / Tally 9 / Tally.ERP 9,

visit : https://datacure.webs.com

Khursheed

Khursheed (Auditors & Tax Consultant)     27 May 2014

Dear Sir,

 

Kindly help me how to creat new vat class viz 5% & 13.5% of J & K State

in Tally Erp 9

Thanks

Regards

Khursheed

 

 


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