Reversal of tax credit can be done for trading goods, capital goods, goods meant for self-consumption and services. You can reverse the tax credit, using a journal voucher.
To record a journal voucher for reversing the tax credit
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
2. Click J : Stat Adjustment .
3. In the Stat Adjustment Details screen, select the options as shown below:
4. Press Enter to save and return to the journal voucher.
5. In the journal voucher, debit the expense or party ledger, and credit the integrated tax, central tax, state tax/UT tax or cess ledgers.
6. Press Ctrl+A to accept the voucher.
'Recording Journal Vouchers for Reversal of Tax Credit under GST' has been shared with