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Recording Input Tax Adjustments for Purchases from URD (Assam)

You can account for tax on purchases from unregistered dealers by creating a journal voucher.

To record journal entry to account for input tax adjustment for purchase from URD

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

Note: You can create a journal voucher from Gateway of Tally > Display > Statutory Reports > VAT > select the VAT or CST form.

2.    Click J: Stat Adjustment. In the Stat Adjustment screen,

o     Select the option VAT in the Type of Duty/Tax field.

o     Select the option Tax on URD Purchase in the Nature of Adjustment field.

o     Press Enter to return to voucher.

3.    Debit a ledger created under Indirect Expenses and enter the value in the Amount field.

4.    Credit a VAT ledger created under Duties and Taxes and by selecting Type of duty/tax as VAT.

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

    The completed screen appears as shown below:  

5.    Press Enter to save.