VAT

Available new stat 266 from 17th September, 2016

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User

Major Enhancement are :

Vat

Maharashtra :

    • As per the notification, effective 17 Sep 2016, the following VAT classifications are provided to support the revised VAT rate from 5.5% to 6% :
      • Composition Tax – Restaurant Etc @ 6%
      • Composition Tax – Retail @ 6%
      • CST @ 6%
      • CST – Works Contract @ 6%
      • Input VAT @ 6%
      • Input VAT – Works Contract @ 6%
      • Input VAT – Works Contract @ 6% (Construction)
      • Interstate Purchases @ 6%
      • Output VAT @ 6%
      • Output VAT @ 6% on Works Contract (Construction)
      • Output VAT – Works Contract @ 6%
      • Purchases – Capital Goods @ 6%
      • Sales – Restaurant Etc @ 6% (Composition)
      • Sales Retail @ 6% (Composition)
    • As per the notification, effective 17 Sep 2016, the following VAT classifications are provided to support the revised VAT rate from 12.5% to 13.5% :
      • Composition Tax – Motor Vehicle @ 13.5%
      • CST @ 13.5%
      • CST – Works Contract @ 13.5%
      • Input VAT @ 13.5%
      • Input VAT – Works Contract @ 13.5%
      • Interstate Purchases @ 13.5%
      • Output VAT @ 13.5%
      • Output VAT – Works Contract @ 13.5%
      • Output VAT – Works Contract @ 13.5% (on Going)
      • Purchases – Capital Goods @ 13.5%
      • Sales Motor Vehicle @ 13.5% (Composition)

Note: Currently, the values from transactions recorded using the above classifications are captured in the VAT Computation report. In the future releases, the relevant VAT forms will be enhanced to capture these values.

And more….