GCC VAT - Record Purchases within GCC Countries for GCC VAT in Tally ERP 9
If you are a registered dealer located in UAE and purchase goods or services from a registered dealer in Saudi Arabia, then you have to pay tax on the purchases, based on reverse charge. You have to record a journal voucher to book tax liability and claim input tax credit for the liability booked and the tax paid.
Record purchases within GCC countries
1. Go to Gateway of Tally - Accounting Vouchers - F9: Purchase.
2. In Party's A/c Name, select the supplier belonging to a GCC country.
3. Select the purchase ledger created with Intra GCC Taxable Purchases as the Nature of transaction.
4. Select the stock item, and enter the quantity and rate.
5. Press Ctrl+A to accept.
You can view the details of tax liability to be recorded for intra GCC purchases under reverse charge in the Reverse Charge Summary.