Refund of Input Tax (Rajasthan)

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 the option VAT in the Type of duty/tax field.

o     Select the option Refund of Input Tax in the Nature of adjustment field.

o     Press Enter to save and return to voucher screen.

3.    Debit the ledger grouped under Current Assets.

4.    Enter the amount in Debit column.

5.    Credit the input VAT ledger.

o     Enter the Rate, Assessable Value and Schedule Serial No., and select the Schedule Name in the VAT Details screen.

o     Press Enter to return to voucher screen.

The journal voucher appears as shown below:

6.    Press Enter to save.