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 .
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 input VAT ledger and enter the amount.
o Enter the Rate and Assessable Value in the VAT Details screen.
o Press Enter to return to voucher screen.
4. Credit 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.
5. Enter the tax Rate and Assessable Value in VAT Details screen. The journal voucher appears as shown below:
6. Press Enter to save.
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