Avail ITC on purchase of capital goods.
To avail input tax credit for purchase of capital goods
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment to select the required options in the Stat Adjustment Details screen.
In the Stat Adjustment Details screen,
1. Select VAT as the Type of duty/tax.
2. Select Input Tax Credit Admitted On Capital Goods as the Nature of adjustment.
3. Press Enter to save.
3. Debit VAT ledger.
4. Enter Amount Claimed for the reporting period in Credit Settlement Details screen.
5. Credit the current assets ledger.
The journal voucher appears as shown below:
6. Press Enter to save.
'Input Tax Credit Admitted on Capital Goods (Karnataka)' has been shared with
