VAT Return

Go to Go to Gateway of Tally > Display > Statutory Reports > VAT Reports > VAT Return Forms

The VAT Return for Philippines is displayed in the government prescribed format.

Press Y or Enter to view the print preview screen

The VAT Return form displays as shown

The explanation on 2550Q is given below:

Fill in all applicable space. Mark all appropriate boxes with an ‘X’

1. For the Year Ended (MM/YYYY)

The month entered in the Report Generation screen is captured in this column.

2. Quarter

This field has to be entered manually.

3. Return Period (mm/dd/yyyy)

The From Date and To Date entered in Report Generation screen will be captured here.

4. Amended Return

This field has to be entered manually.

5. Particulars

The details are filled in this section.

Part I

6. TIN

The VAT TIN (Regular) as entered in F11: Features > F3: Statutory and Taxation is displayed here.

7. RDO Code

The RDO Code as entered in F11: Features > F3: Statutory and Taxation is displayed here.

8. No. of Sheets attached

This field has to be entered manually.

9. Line of Business

The Line of Business as entered in F11: Features > F3: Statutory and Taxation is displayed here.

10.  Taxpayer’s Name (for Individual) Last Name, Middle Name/ (for Non-Individual) Registered Name

Taxpayer’s Name as entered in the Company Creation screen is printed in this column.

11. Telephone no

The Telephone number as entered in the Company Creation screen is captured in this column.

12.  Registered Address

The Registered Address as entered in the Company Creation screen is captured in this column.

13. Zip code

The Zip Code as entered in the Company Creation screen is captured in this column.

14. Are you availing of tax relief under Special Law or International Tax Treaty?

To be filled manually after printing.

Part II

15. Vatable Sales/Receipt- Private (Sch.1)

The Total of all the Sales transactions made using the VAT/Tax Classifications, Sales of Service @ 12% and Sales of Goods @ 12% Assessable Value is captured in the Sales/Receipts for the month (exclusive of VAT) column and the corresponding Tax amount is captured in the Output Tax due for the month column.

16. Sales to Government

The Total of all the Sales transactions made using the VAT/Tax Classifications Sales of Service to Govt@12% and Sales of Goods to Govt @12% Assessable Value is captured in the Sales/Receipts for the month (exclusive of VAT) column and the corresponding Tax amount is captured in the Out put Tax due for the month column.

17. Zero Rated Sales/Receipts

The Total of all the Sales transactions made using the VAT/Tax Classification Sales-Zero Rated Assessable Value is captured in the Sales/Receipts for the month (exclusive of VAT) column.

18. Exempt Sales/Receipts

The Total of all the Sales transactions made using the VAT/Tax Classification Sales Exempt Assessable Value is captured in Sales/Receipts for the month (exclusive of VAT) column.

19. Total Sales/Receipts and Output Tax Due

The Total of Boxes (15A+16A+17+18) is captured in column 19A and the Total of (15B+16B) is captured in 19B.

20. Less: Allowable Input Tax

20 A. Input Tax Carried Over from Previous Period / Excess over 70% of Output VAT

Input Tax Carried Over from Previous Period / Excess over 70% of Output VAT is captured in this column.

20 B. Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period

The entry made using Journal Voucher with the Vat Adjustment Class and Used for as Input Tax Deferred on Capital Goods is printed this column.

The sample entry is given below.

Dr. Deferred Tax on Capital Goods (under Current Assets)

Cr. Input Vat on capital goods greater than P1M

20 C.  Transitional Input Tax

The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Transactional Input Tax is printed this column.

The sample entry is given below.

Dr. Input VAT

Cr. Indirect Incomes

20 D.  Presumptive Input Tax

The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Presumptive Input Tax is printed this column.

The sample entry is given below.

Dr. Input VAT

Cr. Other Income

20 E. Others

This field remains blank.

20 F. Total (Sum of Item 20A, 20B, 20C, 20D & 20E)

The Sum of Item 20A, 20B, 20C, 20D & 20E is captured in this column.

21 Current Transactions

21 A/B. Purchase of Capital Goods not exceeding P1Million (see sch.2)

The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of capital goods, not exceeding P1M Assessable Value is captured in Purchases column and the corresponding Tax amount is captured in 21B column.

21 C/D. Purchase of Capital Goods exceeding P1Million (see sch.2)

The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of capital goods exceeding P1M Assessable Value is captured in Purchases and the corresponding Tax amount is captured in 21D column.

21 E/F. Domestic Purchase of Goods other than capital goods

The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of goods @ 12% Assessable Value, is captured in Purchases column and the corresponding Tax amount is captured in 21F column.

21 G/H. Importation of Goods other than capital goods

The Total of all the Purchase Transactions made using the VAT/Tax Classification, Purchase-Import @ 12% Assessable Value, is captured in Purchases and the corresponding Tax amount is captured in 21H column.

21 I/J. Domestic Purchase of Service Goods other than capital goods

The Total of all the Purchase Transactions made using the VAT/Tax Classification, Purchase-Service @ 12% Assessable Value, is captured in Purchases and the corresponding Tax amount is captured in 21J column.

21 K/L. Service rendered by Non-residents

The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of Service rendered by Non- Residents@12% Assessable Value, is captured in Purchases column and the corresponding Tax amount is captured in 21L column.

21 M. Purchases Not Qualified for Input Tax

The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase not Qualified for Input Tax Assessable Value, is captured in the Purchases column.

21 N/O. Others

This field remains blank.

21 P. Total Current Purchases (Sum of Item 21A, 21C, 21E, 21G, 21I, 21K, 21M, 21N)

The total purchase value (21A+ 21C+ 21E+ 21G+ 21I+ 21K+21M+ 21N)  is captured in this column.

22.  Total Available Input tax (Sum of item 17F, 18B, 18D, 18F, 18H, 18J, 18L & 18O)

The Total Available Input tax (Sum of item 20F+21B+21D+21F+21H+21J+21L+21O) is captured in this column.

23 Less: Deduction from Input Tax

23 A. Input Tax on Purchases of Capital Goods exceeding P1Million deferred for the succeeding period (Sch.3)

The entry made using the Journal Voucher with the VAT Adjustment Class and Used for as Deferred Input Tax on Capital Goods greater than P1M is printed this column.

The sample entry is given below.

Dr. Deferred input on capital goods

Cr. Input Vat on capital goods

23 B. Input Tax on Sale to Govt. closed to expense (Sch.4)

The Schedule 4 Value is captured in this column.

23 C. Input Tax allocated to exempt sale (Sch.5)

The Schedule 5 Value is captured in this column.

23 D. Vat Refund/TCC Claimed

The entry made using Journal Voucher with the Vat Adjustment Class and Used for as Vat Refund/TCC Claimed is printed this column.

The sample entry is given below.

Dr. Refund Receivable

Cr. Input Vat

23 E. Input Tax in excess of 70% cap to be carried to next period (Sch.6)

The Schedule 6 Value is captured in this column.

23 F. Others

The entry made using Journal Voucher with the Vat Adjustment Class and Used for as Input Tax reversal- others is printed this column.

The sample entry is given below.

Dr. Expense A/c

Cr. Input Vat

23 G. Total (Sum of Item 23A, 23B, 23C, 23D, 23E & 23F)

The total deduction (23A+ 23B+23C+23D+23E+23F) will be captured here with a negative sign.

21. Total Allowable Input Tax (Item 22 less Item 23G)

The Difference of Box 22 and 23 G is captured in this column.

25.  Net VAT Payable (Item 19B less Item 24)

The Difference of Box 19Band 24 is captured in this column.

26 Less: Tax Credits/Payments

26 B. Creditable Value-Added Tax Withheld (Sch. 7)

The Schedule 7 Value is captured in this column.

26 C. Advance Payments (Sch.8)

The Schedule 8 Value is captured in this column.

26 D. VAT withheld on Sales to Government (Sch.9)

The Schedule 9 Value is captured in this column.

26 E. VAT paid in return previously filed, if this is an amended return

This field remains blank.

26 F. Others

This field remains blank.

26 G. Total Tax Credit/Payment

The Total of 26A+26B+26C+26D+26E+26G is captured in this column.

27. Tax Still Payable/(Overpayment) (Item 22 less Item 23F)

The Difference of Box 25 and 26G is captured in this column.

28A. Surcharge

The entry made using Journal Voucher with the VAT Adjustment Class and Used for as Surcharge Payable is printed this column.

The sample entry is given below.

Dr. Surcharge A/c

Cr. Surcharge Payable A/c

28B. Interest

The entry made using Journal Voucher with the VAT Adjustment Class and Used for as Interest Payable is printed this column.

The sample entry is given below.

Dr. Interest A/c

Cr. Interest Payable A/c

28C. Compromise

The entry made using Journal Voucher with the VAT Adjustment Class and Used for as Surcharge Payable is printed this column.

The sample entry is given below.

Dr. Compromise A/c

Cr. Compromise Payable A/c

29. Total Amount Payable (Overpayment) (Sum of Item 27 and 28D)

The total of 27 and 28D is captured in this column.

The fields 30, 31, 33, 32A, 32B, 32C and 29D are to be entered manually.

 

Schedule

Schedule 1:

Schedule of Sales/Receipts and Output Tax (Attach additional sheet, if necessary)

The Total of all the Sales transactions made using the VAT/Tax Classification as normal sales and selecting the Type of Industry is captured in the ATC column, Assessable Value is captured in Sales/Receipts for the period column and corresponding Tax amount is captured in Out put Tax due for the period column

 

Schedule 2:

Purchases/Importation of Capital Goods (Aggregate Amount Not Exceeding P1 Million) (Attach additional sheet, if necessary)

The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase capital goods not exceeding 1 Million Assessable Value is captured in Amount column and the corresponding Tax amount is captured in Input Tax due for the month column.

Schedule 3:

Purchases/Importation of Capital Goods (Aggregate Amount Exceeds P1 Million) (Attach additional sheet, if necessary)

The Total of all the Purchase Transactions made using the VAT/Tax Classification, Purchase capital goods exceeding 1 Million- Assessable Value is captured in the Amount column and the corresponding Tax amount is captured in the Input Tax due for the month column.

 

Schedule 4:

Input Tax Attributable to Sale to Government

The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Attributable Input tax Towards Sales to Govt is printed in this column.

The sample entry is given below.

Dr. Expense A/c

Cr. Input Vat

The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Input tax Not Attributable Towards Sales to Govt is printed in this column.

The sample entry is given below.

Dr. Expense A/c

Cr. Input Vat

The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Standard Input Tax to Sale to Govt is printed in this column.

The sample entry is given below.

Dr. Input A/c

Cr. Incomes a/c

 

Schedule 5:

Input Tax Attributable to Exempt Sales

i. The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Attributable Input tax towards Exempted Sale is printed in this column.

The sample entry is given below.

Dr. Expense A/c

Cr. Input Vat

ii. The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Input Tax Not Attributable Towards Exempted Sales is printed this column.

The sample entry is given below.

Dr. Expense A/c

Cr. Input Vat

 

Schedule 6: Input Tax in Excess of 70% Cap

The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Input Tax Adjustment is printed in this column.

The sample entry is given below. This field remains blank.

Dr. Input Tax adjustment A/c

Cr. Input Vat

 

Schedule 7:  Tax Withheld Claimed as Tax Credit (Attach additional sheets, if necessary)

The entry made using the Journal Voucher with Vat Adjustment Class and Used for as Withholding Tax-Other Agency is printed in this column.

The sample entry is given below:

Dr. Withholding Tax other agency A/c

Cr. Sundry Drs

 

Schedule 8:  Schedule of Advance Payment (Attach additional sheets, if necessary)

The entry made using the Journal Voucher with Vat Adjustment Class and Used for as Advance Tax Payment Made is printed this column.

The sample entry is given below.

Dr. Net Vat payable A/c

Cr. Advance Tax Paid

 

Schedule 9:  VAT Withheld on Sales to Government (Attach additional sheets, if necessary)

The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Withheld Tax Credit availed -Govt is printed in this column.

The sample entry is given below.

Dr. Output Vat A/c

Cr. Sundry Debtor


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