The Nature of Adjustment, Increase of Tax Liability with relevant additional details is selected to record a journal voucher to adjust against increase in tax liability
To account for increase in tax liability
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 Increase of Tax Liability, as the Nature of adjustment.
o Select the relevant option in the field Additional Details.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option either appears or disappears.
o Press Ctrl+A to return to the voucher.
3. Debit the expenses ledger, and enter the tax amount.
4. Credit the output VAT ledger. Enter the tax Rate, Assessable Value, Commodity name in VAT Details screen. The journal voucher appears as shown below:
5. Press Enter to save.
'Recording Increase in Tax Liability (West Bengal)' has been shared with