Input Tax Credit Admitted on Capital Goods (Odisha)

You can record input tax credit admitted on capital goods by creating a journal voucher.

To avail input tax credit for purchase of capital goods

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 VAT as the Type of duty/tax.

o     Select Input Tax Credit Admitted On Capital Goods as the Nature of adjustment.

o     Press Enter to save.

3.    Debit VAT ledger.

4.    Enter Amount Claimed for the reporting period in Credit Settlement Details screen.

5.    Credit the current assets ledger.

The journal voucher appears as shown below:

6.    Press Enter to save.