You can record a journal to capture refund of input tax by selecting Nature of adjustment as Refund of Input Tax.
To account for input tax 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.
Note: Based on the selection made for Nature of Adjustment, the Additional Details option either appears or disappears.
o Press Ctrl+A to return to the voucher.
3. Debit the ledger grouped under Current Assets, and enter the amount.
4. Credit the input VAT ledger. Enter the Rate, Surcharge Rate and Assessable Value in VAT Details screen. The journal voucher appears as shown below:
5. Press Enter to save.
'Recording Refund of Input Tax (Punjab)' has been shared with