Type search words and press enter
"Use Edit Log for transactions/masters, and digital signature for invoices/reports with Release 2.1. Download NOW!"

Recording Journal Voucher for Increase in Tax Liability - Schedule H Items (Chandigarh)

You can record a transaction with the increase in tax liability, by making necessary Stat Adjustments, debit your expense ledger, and crediting the relevant VAT ledger.

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 Schedule H Items in Additional Details section.

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 and Commodity Code in VAT Details screen. The journal voucher appears as shown below:

5.    Press Enter to save.