https://help.tallysolutions.com/docs/te9rel64/Tax_India/VAT/gujarat/GJ_ITC_Reversal_Computation.htm

ITC Reversal Computation (Gujarat)

The input tax reversal computation report ( ITC Reversal Computation ) is provided to capture the reversal of input tax paid on taxable purchase to the extent of interstate sales made.

To generate the ITC Reversal Computation report,

Go to Gateway of Tally > Display > Statutory Reports > VAT > Form 201 .

Click I : ITC Reversal Computation .

Provision to change the reversal rate of input tax credit is provided. Click R : ITC Reversal rate to change the tax rate.

The ITC Reversal Computation report appears as shown below:

A brief explanation about the form fields is given below:

Field Name

Description

(A) Total Sales

Displays the net assessable value of sales recorded with the following nature of transactions:

Branch Transfer Outward

Consignment Transfer Outward

Exports

Interstate Branch Transfer Outward

Interstate Consignment Transfer Outward

Interstate Deemed Export

Interstate Sales - Against Form C

Interstate Sales - E1

Interstate Sales - E2

Interstate Sales Exempt

Interstate Sales Exempt - E1

Interstate Sales - Taxable

Interstate Sales - Works Contract

Interstate Sales - Zero Rated

Labour Charges Collected

Sales Exempt

Sales High Seas

Sales - Others

Sales Taxable

Sales - Works Contract

Sales Zero Rated

(B) Interstate Sales

Displays the net assessable value of sales recorded with the following nature of transactions:

Interstate Sales - Against Form C

Interstate Sales - E1

Interstate Sales - Taxable

Interstate Sales - Works Contract

(C) Ratio of Interstate Sales [B/A * 100]

Displays auto calculated value.

(D) Creditable Purchase

Displays the net assessable value of purchases recorded with the following nature of transactions:

Purchase Taxable

Purchase - Works Contract

(E) Purchase Consumed /Purchase Value of Sale qty [D * C /100]

Displays auto calculated value.

ITC Reversal @ 1%

Displays the input tax credit reversed to the extent of 1% in box (E).

Note: The tax reversal rate depends on the user defined rate set by clicking R : ITC Reversal rate .

ITC Reversal on CST

Displays the value captured in the box ITC Reversal @ 1% or any rate as defined by the user.