Reversal of Input Tax (Rajasthan)

You can record a journal voucher to capture reversal of input tax by selecting Reversal of Input Tax as the nature of adjustment.

To create a journal voucher of reversal of 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 the option VAT in the Type of duty/tax field.

o     Select the option Reversal of Input Tax as Nature in the Nature of adjustment field.

o     Select the option Stock Transfer in the Additional Details field.

o     Press Enter to save and return to voucher screen.

3.    Debit the purchase ledger.

o     Select the Name of Item and enter  the Amount in the Inventory Allocations screen.

o     Press Enter to return to voucher screen.

4.    Enter the amount in Debit column.

5.    Credit the VAT ledger.

o     Enter the VAT Details as shown below:

o     Press Enter to return to voucher screen.

The journal voucher appears as shown below:

6.    Press Enter to save.