Type search words and press enter
Seamless e-invoicing is now at your fingertips. Check out our self-help videos.
https://help.tallysolutions.com/docs/te9rel60/Tax_India/VAT/Karnataka/KA_Reversal_of_ITC.htm

Reversal of Input Tax (Karnataka)

You can create a journal voucher for reversal of input tax.

To create a journal voucher of reversal of input tax

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 form.

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

o     Select Type of duty/tax as VAT.

o     Select Reversal of Input Tax as Nature of adjustment.

o     Select Others in the Additional Details field.

o     Press Enter to save, and return to the voucher.

3.    Debit the expense ledger, and enter the value.

4.    Credit the VAT ledger.

o     Enter the VAT Details as shown below:

o     Press Ctrl+A to accept.

The journal voucher appears as shown below:

5.    Press Enter to save.