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.
6. Enter Narration , if required.
The journal voucher appears as shown below:
7. Press Enter to save.
'Input Tax Credit Admitted on Capital Goods (Madhya Pradesh)' has been shared with
