To create a journal voucher for reversing tax credit
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment to enable the required options in the Stat Adjustment Details screen.
In the Stat Adjustment Details screen,
1. Select Type of duty/tax as VAT.
2. Select Reversal of Input Tax, as the Nature of adjustment.
3. Select the Other ITC Adjustments in Additional Details section.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option either appears or disappears.
4. Press Ctrl+A to return to the voucher.
3. Debit the purchase ledger and tax amount to be reversed.
4. Credit the VAT ledger. Enter the VAT Details as shown below:
5. Press Enter to accept.
6. Select surcharge ledger and enter the VAT Details. The journal voucher appears as shown below:
7. Press Enter to save.
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