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Introduction of VAT/Tax Classifications as per Statutory Requirements
As per the finance bill/budget proposals of various State Governments and Notification of Orissa Commercial Taxes Department to revise the VAT Rates, new VAT/Tax Classifications have been intro-duced effective from April 1, 2011 to support billing of transactions. The value of entries made using these classifications will be currently captured only in VAT Computation report. In the forth-coming Stat.900 releases, the functionality will be enhanced to capture the value of entries made using the new VAT/Tax class in respective VAT Forms. The list of States with the respective VAT/Tax classifications is as follows:
* Orissa n Purchases @ 13.5%
* Interstate Purchases @ 13.5%
* Purchases - Capital Goods @ 13.5%
* Transfer of Rights Inward @ 13.5%
* Sales @ 13.5% n Interstate Sales @ 13.5%
* Sales @ 13.5% - Transfer of Right to Use
* Sales - Works Contract @ 13.5%
* Consignment Transfer Outward of 13.5% Taxable Purc
* Input Vat @ 13.5%
* Output Vat @ 13.5%
* Output VAT @ 13.5% - Transfer of Right to Use
* Output VAT - Works Contract @ 13.5%
* CST @ 13.5%
* Purchase Tax @ 13.5%
If anybody wants to get these new VAT Class in their Tally 7.2 - Tally 9.0 can contact:
Manoj Garg
Mobile: +91-9927199217
email: datacure@gmail.com
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