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Question :

What is VAT? what type of VAT? in Tally 7.2 how`s work VAT?

Category Cashier Banking Interview Questions
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Question :

What is VAT? what type of VAT? in Tally 7.2 how`s work VAT?


Answer:

VAT is value Added Tax in European Countries. It's a Sales Tax levied on the sale of goods and services. it is an Indirect Tax.

Tally 7.2 simplifies every aspect of VAT:

1. Determine user-defined VAT rates on products, classification of purchase and sales transactions based on VAT definitions.

2. Generate VAT-compliant invoices

3. Collate VAT reports containing input tax paid, output tax collected, carry forward balance and net tax payable

4. File specific monthly/quarterly and annual Statutory Returns and forms compliant with the laws of your state

and much more

Source: CoolInterview.com



VAT (value added tax)
Tax that is added on to the value of a product when it is manufactured and is paid by the customer at the time of purchase

Source: CoolInterview.com



Posted by: Ahdya

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VAT - ? Value increase the goods, value added tax will be charged that increasing value of the goods is called as a VAT.

TALLY VAT - Activate the Vat Related Features and it will be enabled the predefined Vat rates as well as Vat Forms and Reports. We have just enter the Vat Entries now tally automatically updated the all the forms and reports.
Source: CoolInterview.com



Posted by: Ashraf Basha M.C.A. M.Phil

Contact Ashraf Basha M.C.A. M.Phil Contact Ashraf Basha M.C.A. M.Phil

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