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Recording Refund of Input Tax (Odisha)

A journal voucher is created to adjust the refund of input tax by selecting the nature of adjustment as Refund of Input Tax.

To create a journal voucher for refund

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 Details screen,

o     Select Type of duty/tax as VAT.

o     Select Refund of Input Tax, as the Nature of adjustment.

o     Select Not Applicable in Additional Details section.

o     Press Enter to save and return to voucher screen.

Note: Based on the selection made for Nature of adjustment, the Additional Details option is displayed.

3.    Debit the ledger grouped under Current Assets and enter the amount.

4.    Credit the VAT ledger. Enter the tax Rate, and Assessable Value in the VAT Details screen.

The journal voucher appears as shown below:

5.    Enter Narration, if required.

6.    Press Enter to save.