A journal voucher is created to record the reversal of input tax with Nature of Adjustment as Reversal of Input Tax with appropriate Additional Details.
To create a journal voucher for 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 or CST form.
2. Click J: Stat Adjustment to view the Stat Adjustment Details screen.
o Select Type of duty/tax as VAT.
o Select Nature of adjustment as Reversal of Input Tax.
o Select Stock Transfer 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. Enter Narration, if required.
6. Press Enter to save.
'Recording Reversal of Input Tax (Odisha)' has been shared with