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Recording a Journal Voucher for Transitional Credit under GST

When the stock purchased during the previous tax regime is cleared, the tax credit can be claimed under GST. This facility is available only upto 6 months from the date of implementation of GST. You can record this transaction using a journal voucher.

To record a journal voucher for transitional credit

1.    Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

2.    Click J: Stat Adjustment.

3.    In the Stat Adjustment Details screen, select the options as shown below:

4.    Press Enter to save and return to the journal voucher.

5.    In the journal voucher,

     For availing tax credit on excise and service tax, debit the central tax ledger and credit the service tax and CENVAT ledgers.

     For availing tax credit on VAT, additional tax, cess, TDS and entry tax, debit the state tax/UT tax ledger and credit the VAT, additional tax, cess, TDS and entry tax ledgers.