VAT Computation & Return Form

VAT Computation

The VAT Computation reports provide the Assessable Value and the Tax Amount of the purchase and sales transactions entered using different VAT/ Tax classifications. The adjustment entries recorded using the VAT Adjustments are also captured in the VAT Computation.

To view the VAT Computation report,

Go to Gateway of Tally > Display > Statutory Reports > VAT > VAT Computation

The VAT Computation report is displayed as shown below:

A detailed explanation of the fields in the VAT Computation report is given below:

Assessable Value

The Assessable Value is the sum of the total value of goods at which they are purchased and sold. This assessable value forms the value on which VAT is calculated.

Tax Amount

The total Tax Amount calculated on Assessable value using the respective Tax percentage is the Tax Amount.

Note: You can drill down the VAT Computation screen to view the VAT Classification vouchers.

F1: Detailed

To view the VAT Computation Report in detail, click the button F1: Detailed or press Alt + F1.

You can observe that the VAT Computation screen thus displayed, has only local taxable transactions captured in the report.

To show all VAT classifications and CST details. The report  can be configured to display the same by clicking F12: Configure

Displaying All VAT Classifications

To display all VAT Classifications, set the option Show All VAT Classifications to Yes in F12: Configure

On setting this option to Yes, you can see that the VAT Computation report displays details of all VAT Classifications, including exempt transactions.

The VAT Computation screen displays as shown:

Displaying CST Details

To display CST Details in VAT Computation report, set the option - Show CST Details to Yes in F12: Configuration.

The VAT Computation report with CST Details is as shown below:

VAT Classification Vouchers Report

The details of transactions recorded using a particular VAT/Tax class will be displayed here. Select a VAT/tax classification in VAT Computation screen and press Enter key to view the VAT Classification Vouchers report.

VAT Classifications Vouchers Report without MRP Column

While invoicing if the MRP/Marginal field is not enabled, the VAT Classification Vouchers report displays without the MRP column as shown:

 

VAT Classifications Vouchers Report with MRP Column

In case where the MRP/Marginal field is enabled while invoicing and VAT Classification Vouchers report is generated, the MRP/Marginal value appears in MRP column.

VAT Return Form

The print preview of the Form VAT 100 of Karnataka displays as shown:

Form VAT 100 - Page 1

Form VAT 100 - Page 2

Form VAT 100 - Page 3

Form VAT 100 - Page 4

Note: The detailed explanation on the values captured in each field of return form is available in the state-specific statutory manual uploaded on our website.