A journal voucher is created to adjust the decreasing output tax in lieu of Tax Deferred by selecting the flag Decrease of Output Tax.
To create journal voucher for decreasing output tax in lieu of Tax Deferred
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 the option Decrease of Output Tax in the field Nature of adjustment.
o Select the option Tax Deferred in the field Additional Details for tax deferred adjustment entry.
o Select the option Tax Paid in Excess for decreasing output tax in lieu of tax paid in excess.
o Press Enter to save and return to voucher screen.
3. Debit the VAT ledger created under the group Duties & Taxes.
o Enter the Rate and Assessable Value in the VAT Details screen.
o Press Enter to return to voucher screen.
4. Enter the amount in Debit column.
5. Credit the ledger created under the group Current Assets.
The journal voucher appears as shown below:
6. Press Enter to accept.
'Recording Decrease of Output Tax (West Bengal)' has been shared with