Vat Settlement

wolftech · 2009-09-02

Hi Experts,

I am using Indian Localisation.

When I run the Vat Settlement form , automatically total vat payable and vat receivable account is getting populated. But the total VAT payed during the purchase is not getting populated in the Vat Settlement screen.

a) In the above case do we have to manually put the amount in Vat Settlement screen,

if yes,
b) from where will i find total purchase VAT and CST Amount for that period.

c) I am not able to enter any value in ADjustment column , it says "Setoff amount should not be greated than 0"

Can someone suggest a solution or am i following the wrong process

chengalasettyvsrao · 2009-09-02

The posted transactions will be availble in Seperate form that means how much vat you paid in this Month.

Path : Financial Management - > General Ledger - > History - Reports - > Vat settlement .

Yes you have to manually enter the amount how much you want to pay

Vat settlement will show only Input Vat only (it does not CST purchases amount ).

But u can get the reports about Vat purchases , Cst Purchases throughthe below reports.

Intra state Sales and Purchases , Purchase Book Vat

wolftech · 2009-09-02

You mean to say that we have to find total Input vat from purchase book vat report and then put the total amount in the settlement form and post it..

tthyagu · 2009-09-02

Why do you want to display the VAT paid during purchases?
The system shows, VAT credit (out of purchases) and VAT payable (out of Sales transactions). These info are sufficient for VAT settlement.

Regards

wolftech · 2009-09-02

I meant to say VAT credit (out of purchases). This value is not getting populated in the Settlement report..

chengalasettyvsrao · 2009-09-07

wolftech wrote:

You mean to say that we have to find total Input vat from purchase book vat report and then put the total amount in the settlement form ..

System automatically update the Input Vat amount (from LocalPurchases) and Local vat amount , Local Cst sales amount.

You need not to enter manually.

Vat Settlement

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