The input tax reversal computation report (ITC Reversal Computation) is provided to capture the reversal of input tax paid on taxable purchase to the extent of interstate sales made.
To generate the ITC Reversal Computation report,
● Go to Gateway of Tally > Display > Statutory Reports > VAT > Form 201.
● Click I: ITC Reversal Computation.
Provision to change the reversal rate of input tax credit is provided. Click R: ITC Reversal rate to change the tax rate.
The ITC Reversal Computation report appears as shown below:
A brief explanation about the form fields is given below:
|
Field Name |
Description |
|
(A) Total Sales |
Displays the net assessable value of sales recorded with the following nature of transactions: ● Branch Transfer Outward ● Consignment Transfer Outward ● Exports ● Interstate Branch Transfer Outward ● Interstate Consignment Transfer Outward ● Interstate Deemed Export ● Interstate Sales - Against Form C ● Interstate Sales - E1 ● Interstate Sales - E2 ● Interstate Sales Exempt ● Interstate Sales Exempt - E1 ● Interstate Sales - Taxable ● Interstate Sales - Works Contract ● Interstate Sales - Zero Rated ● Labour Charges Collected ● Sales Exempt ● Sales High Seas ● Sales - Others ● Sales Taxable ● Sales - Works Contract ● Sales Zero Rated |
|
(B) Interstate Sales |
Displays the net assessable value of sales recorded with the following nature of transactions: ● Interstate Sales - Against Form C ● Interstate Sales - E1 ● Interstate Sales - Taxable ● Interstate Sales - Works Contract |
|
(C) Ratio of Interstate Sales [B/A * 100] |
Displays auto calculated value. |
|
(D) Creditable Purchase |
Displays the net assessable value of purchases recorded with the following nature of transactions: ● Purchase Taxable ● Purchase - Works Contract |
|
(E) Purchase Consumed /Purchase Value of Sale qty [D * C /100] |
Displays auto calculated value. |
|
ITC Reversal @ 1% |
Displays the input tax credit reversed to the extent of 1% in box (E). Note: The tax reversal rate depends on the user defined rate set by clicking R: ITC Reversal rate. |
|
ITC Reversal on CST |
Displays the value captured in the box ITC Reversal @ 1% or any rate as defined by the user. |
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