VAT Documents

1. Tax Invoice

A VAT compliant invoice, called Tax Invoice, will need to be serially numbered and will have the following details:

• Product if exempt or vatable

• Tax Identification Number (TIN) - registration details along with sellers' name and address

• Tax point - date of sale

• Full item list with VAT breakup including VAT totals

2. Credit and Debit Notes

Detailed documents of all returns and adjustments will be maintained since the same will have an impact on input credit. All Credit or Debit Notes will require the same information as that on a Tax Invoice.

(With Tally 8.1 all the above details could be filled in with the help of Master Data for Suppliers and Buyers; along with VAT details in the VAT Computation Sheet)

VAT Records

1. Stock Records

Complete records of purchases and sales will be maintained of each stock item.

2. Manufacturing Account

Complete records of raw materials and inputs purchased along with goods manufactured.

3. VAT Account

As per State specified formats, the VAT Accounts will be accurately maintained. The VAT Account is a summary of all input tax paid at the time of purchase and all output tax collected at the time of sale to compute the Net VAT Payable or Input Credit which is carried forward.

(Tally 8.1 also allows you to drill down into the relevant details ensuring the audit trail)

But will Tally 8.1 help me get VAT compliant in my State?

Tally 8.1 meets the VAT accounting challenges that each State poses by having its own VAT legislations, which as of now are not uniform across the States. Tally 8.1 is a single VAT compliant solution that will help you in all the States you have offices in, since it is configured to handle the different State needs and legislations.

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