The salient features provided for VAT in Tally.ERP 9 are as follows:
Quick, easy to setup and use.
Pre-defined VAT/Tax Classifications for Purchase and Sale of goods
Facility to create separate VAT ledgers with VAT/Tax Classifications for input as well as output VAT
Facility to generate and print VAT & NHIL invoice and Return
Complete tracking of each transaction till generation of returns
Better VAT-returns management
Facility to generate VAT Computation report with details pertaining to
The value of transactions recorded using the classifications available for VAT
VAT Payable or refundable
Provision to generate - VAT Classification Vouchers report for each of the VAT/Tax classifications
Facility to drill-down the various VAT classifications from VAT Computation report till the last level of voucher entry
Greater tax compliance