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

ITC Reversal Stock Item (Gujarat)

Input tax credit reversal of stock item report displays the calculation of ITC reversal amount due to lower tax payable for interstate transactions.

To generate the ITC Reversal Stock Item report,

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

Click R : ITC Reversal Stock Item . The Print Report screen appears as shown below:

Press Enter to print.

The report appears as shown below:

A brief explanation about the form fields is given below:

Field Name

Description

Calculation of ITC Reversal Amount due to lower tax payable for Interstate Transactions from _______ to _______

Displays the From and To dates of the report period.

Item Stock details

Name

Displays the name of the stock item.

Opening Balance

Displays the opening balance of the stock item.

Purchases

Displays the quantity of stock items with unit of measure entered in VATable and non-VATable purchases.

Value

Displays the value of purchases.

Sales Details

Quantity

Displays the net quantity of stock items with unit of measure entered in sales recorded with the nature of transaction Interstate Sales - Against Form C taxable at 2% .

CST Rate

Displays 2% as the CST rate to be reversed.

Purchase Value of Sale Quantity

Displays auto calculated value.

Closing Stock*

Quantity

Displays the balance quantity (opening balance + purchase quantity – sales quantity)

Value

Displays the value of unsold stock items.

Reversal Amount

Displays the value of input VAT reversed on purchase value of goods sold, recorded by selecting the nature of transaction Interstate Sales - Against Form C (Purchase value of sale quantity * 2%)