Exempt Purchases of Works Contract (VAT)
You can record exempt purchases of works contract by selecting the nature of transaction Purchase Exempt – Works Contract.
This nature of transaction is provided for West Bengal.
- Gateway of Tally > Vouchers > press F9 (Purchase).
Alternatively, press Alt+G (Go To) > Create Voucher > press F9 (Purchase). - Enter the Supplier Invoice No. and Date.
- Select the party ledger in the field Party A/c name.
As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > press Enter. - Select the purchase ledger grouped under Purchase Accounts with the Nature of transaction set to Purchase Exempt – Works Contract.
As in other transactions, you can create the ledger on the fly by pressing Alt+C. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > and press Enter. - Select the stock item. Enter the amount. The purchase invoice appears as shown below:
- Accept the screen. As always, you can press Ctrl+A to save.
The value of this transaction gets captured in the relevant fields of state-specific VAT/CST forms and annexures.