| Input Tax |
This is the tax paid on purchases |
| Output Tax |
This is the tax charged on sales |
| Input Credit |
The excess amount of Input tax over output tax for the current period which is permitted to be set off against Output tax of subsequent periods is termed as Input Credit. |
| TIN |
Tax Identification Number (TIN) is the Registration Number given by the department to the dealer at the time of  Registration. This needs to be quoted at all required places where the registration details are to be provided. |
| Tax Invoice |
This is the Sales invoice format issued by one Registered Dealer to another. Based on this Invoice, the ITC can be claimed by the purchasing dealer. |
| Retail Invoice |
The Sales invoice format used for invoicing the Exempted Sales and the Sales made to Unregistered dealers is termed as Retail Invoice. |
| Registered Dealer |
This term is used to identify a dealer who is registered either under Voluntary Registration or Compulsory Registration under the VAT Act. Such dealer can issue tax invoice and also claim the tax paid on purchases made from other registered dealers as Input tax credit. |
| Unregistered Dealer |
Dealers who are not registered under the VAT Act are called as Unregistered Dealers (URD). Such dealers cannot issue tax invoice. They can neither Charge Tax nor Claim Input Tax Credit. |
| Purchase Tax |
The Tax paid on goods purchased from unregistered dealers is liable to Purchase Tax. The purchase tax is treated as Output VAT payable by the dealer as it is a liability. It has to be paid while making the payment towards VAT liability. Based on the Rules and Regulations, the Input Tax Credit can be claimed on the payment made towards Purchase Tax. |
4 comments on “General Tally Terminologies”
hello sir
how can i add party pan no in my telly sales invoice & not in a printed in invoice
hello,in case the seller has sended the 100 goods to the customer but the customer received only 95 do the customer need to pay the vat on 100 goods
Dear Leena,
Activated From F11 (Inventory Features (F2)) Use Different Actual and Bill Qty,
So whtever you put in Bill Qty Vat will be calculated and whtever qty you type in Actual Stock will update that much,
Best Wishes
Admin