Track Capital Goods VAT in Tally?

3304 views 7 replies

Aditya Duggal

Director

42 Points Joined October 2008

I am facing a problem in tracking the Purchase of Machinery (Capital Goods) in Tally.

Now for tally consider a Machinery pruchase as purchase it has to be entered via the Purchase Voucher otherwise it does not consider it as Purchase but when we buy some machinery the entry is put up as a JOURNAL voucher as in the below example:

Dr Machinery 10000

Cr Party 10000 (This is when machinery is purchased under CST)

Dr. Machinery :10000

Cr. Party :11200

Dr Input VAT :400

Dr VAT recoverable 2009-10): 400

Dr VAT Recoverable 2010-11): 400 (this is the case of VAT)

Now I would like to know if there is a way to automatically do this thing in Tally, as any entry made in a Journal voucher does not show up in the VAT return Reports as well.

PLease advise.

Replies (7)

ravi shankar

jhunjhunu

21 Points Joined August 2010

and the answer is....

that there is no way to automatically do this in tally...

n if u want to see capital vat report in vat return report then u should enter u r entry only in purchase voucher ( F 9) in voucher mode ( Ctrl+V)

subramanya

Professional

907 Points Joined March 2008

Mr.Aditya,

Please let me know which state accounts you are maintaining..

(Input tax credit on Capital Goods differ from one state to another)

With regards,

Subramanya

Manoj Garg

Support on Tally Excel Password Recove

1987 Points Joined September 2008

For tracking Input Vat on Capital Goods, you have to select tha proper vat class. Manoj Garg

Ravi Prasad

Self employed

148 Points Joined October 2009

Not all Fixed Assets are Capital goods under the VAT Act. Please remember this. Also the VAT paid on Capital goods are eligible for input tax rebating only when they are put to use for sale of taxable goods and not earlier.

Ravi Prasad

Self employed

148 Points Joined October 2009

Ravi Prasad

Self employed

148 Points Joined October 2009

happypatel

asst. accountant

29 Points Joined November 2011

hi,i'm facing a problem to entry of an purchase of fixed assets's taxes entry .I have entered a it in purchase invoice but now problem is which kind of vat class is right .if anyone now please answerd me i'm thankfull to you.

Credit bill of assets like computers id amount Rs.20000 which include vat 12.5% and addtional tax 2.5%.

Dr. Computer Rs.20000

Dr.Inputvat Rs.3000

Cr. Xyz Rs.23000.

Is this right or worng.