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Input Tax Credit Admitted on Capital Goods (Rajasthan)

You can record input tax credit admitted on capital goods by creating a journal voucher.

To account for input tax credit on purchase of capital goods

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 VAT as the Type of duty/tax.

o     Select the option Input Tax Credit Admitted On Capital Goods in the Nature of adjustment field.

o     Press Enter to save and return to voucher screen.

3.    Debit VAT ledger.

4.    Enter Amount Claimed for the reporting period in Credit Settlement Details screen.

5.    Credit ledger grouped under Current Assets.

The journal voucher appears as shown below:

6.    Press Enter to save.