To record a transaction with increased input tax value, you can create a journal voucher with the necessary Stat Adjustments, debit your VAT ledger, and credit the relevant purchase ledger.
To account for increase in input tax
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 Increasing Input Tax, as the Nature of adjustment.
o Select the ITC on Net Present Value Scheme 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 expense ledger and enter the amount.
4. Credit the input VAT ledger. Enter the tax Rate and Assessable Value in VAT Details screen. The journal voucher appears as shown below:
Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear or disappear.
5. to enable the required options in the Stat Adjustment Details screen.
6. Press Ctrl+A to return to the voucher.
7. Press Enter to save.
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