To generate a VAT (Value Added Tax) report in Tally Prime, follow these steps:
- Open Tally Prime and go to the “Gateway of Tally” screen.
- Press the “Display” button, then select “Statutory Reports” from the menu.
- Select “VAT” from the list of available reports.
- In the “VAT Report” screen, select the appropriate period for the report, such as a specific month or quarter.
- If necessary, select the appropriate VAT rate from the “VAT Rate” dropdown menu.
- Press the “Display” button to generate the report.
The VAT report will show a detailed breakdown of all the VAT-related transactions that have occurred during the selected period, including the amount of VAT charged, the amount of VAT collected, and the net VAT payable or receivable. You can use this report to track your VAT obligations and to ensure that you are complying with your local tax laws.