https://help.tallysolutions.com/docs/te9rel66/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.

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.