Configuring VAT in an Accounts Only Company

You can maintain only accounting books in your company, where you don’t have to track inventory details and generate inventory reports. Also, an accounts only company can be fully VAT compliant.

Configure the Company as Accounts Only

1. Press F11 (Feature) > set theoption Maintain accounts only as Yes, as shown below:

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1. Accept the screen. As always, you can press Ctrl+A to save.

Enable VAT and Configure VAT Details in an Accounts Only Company

1. Press F11 (Feature) > set the option Enable Value Added Tax (VAT)to Yes.
2. Enable the option Set/alter tax/rate detailsas shown below:

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The Company VAT Details screen appears. In this screen,

1. 1. Enter the 11 digit TIN starting with state code.
   2. Enter the Interstate sales tax number.
   3. Enter the date in the VAT applicable from field.
   4. Select the Periodicity of e-VAT Annexuresto Monthly or Quarterly.
   5. Set the option Set/alter tax/rate details to Yes. In the Tax/Rate Details screen, press F12 (Configure) and set all the options to Yes.

• • Enter the CST Rate Against Form C, Tax rate, Commodity name, Commodity code and Sub Commodity code as shown below:

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These details provided at the company level are captured in the relevant fields/rows/columns of the return forms and annexures.

1. 1. Set the option Define VAT commodity and tax details as masters? to Yes if a VAT Classification which is predefined with tax details has to be applied in the accounting masters.
   2. Enter the tax filing details in the fields LVO/VSO code, Authorised person, Status/designation and Place as shown below:

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1. 1. Press Ctrl+A to accept.
2. Press Ctrl+A to accept, and return to the Company Features Alteration screen.
3. Accept the screen. As always, you can pressCtrl+Ato save.

General Details

PressCtrl+I(More Details) to provide PAN and CIN number for your company data.

• Enter thePAN/Income taxno.
• Enter theCorporate Identity No. (CIN).
• Accept the screen. As always, you can pressCtrl+Ato save.

VAT is now configured for the accounts only company. You can create the required masters and record transactions.