To record journal entry to account for input tax credit admitted on capital goods
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal
2. Click J: Stat Adjustment button.
3. Select the option VAT in the Type of Duty/Tax field.
4. Select the option Input Tax Credit Admitted On Capital Goods in the Nature of Adjustment field.
5. Press Enter to return to the voucher.
6. Debit a VAT ledger created under the group Duties and Taxes by enabling the option Use for Purchase Tax? after selecting Type of duty/tax as VAT. The Credit Settlement Screen is displayed.
In the Credit Settlement Details screen,
● Select the required Reference from the Input Credits list. The rest of the details will be filled automatically.
● Press Ctrl+A to save.
7. Credit the ledger created under the group Current Assets and enter the value in the Amount field. The completed transaction screen appears as shown below:
8. Press Enter to save.
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