Category Archives: Tally Tips
Depending on the nature of sales transaction you can select the applicable Form Type.
- C Form is for sales made to registered customers.
- D Form is for sales made to government.
- F Form is for Branch transfers.
- H Form is for deemed exports.
- I Form is for SEZ Customers.
- J Form is for sale made to Diplomatic Mission & U.N etc. Form J will be displayed for selection based on the State selected for CST compliance.
In case where the Inter-state sales transaction does not involve the receipt of C Form, select Not Applicable in the Form to Receive field of the sales invoice.
Shut a Company is to unload it. It does not mean that you have deleted it. Simply select it again to load and work on it again.
You can shut a company in two ways
- either using the button F1: Shut Cmp (Alt + F1) or
- pressing Enter on Shut Company menu option on the Company Info. Menu.
The screen appears as shown below:
Press Enter Key to Shut the company
|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.|