Type search words and press enter
Check your pre-qualified business loan offer in TallyCapital with a single click! Based on your financial data, get a tentative offer and apply for a business loan in TallyPrime!
https://help.tallysolutions.com/docs/te9rel54/Tax_India/VAT/Madhya_Pradesh/MP_Refund_of_Tax.htm

Refund of Input Tax (Madhya Pradesh)

Reversal of input tax can be recorded by creating a journal voucher. Use Refund of Input Tax as the Nature of Adjustment.

To create journal voucher to account for refund order

1.     Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

2.     Click J: Stat Adjustment to enable required options in Stat Adjustment Details screen.

3.     Debit the VAT ledger.

o      Enter the Rate and Assessable Value in the VAT Details screen.

o      Press Enter to return to voucher screen.

4.     Enter the amount in the Debit column.

5.     Credit the ledger grouped under Current Assets.

6.     Enter Narration, if required.

The journal voucher appears as shown below:

7.     Press Enter to save.