A journal voucher is created to adjust the refund of input tax by selecting the nature of adjustment as Refund of Input Tax .
To create a journal voucher for refund
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
N ote: 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 Refund of Input Tax , as the Nature of adjustment .
o Select Not Applicable in Additional Details section.
o Press Enter to save and return to voucher screen.
Note: Based on the selection made for Nature of adjustment , the Additional Details option is displayed.
3. Debit the ledger grouped under Current Assets and enter the amount.
4. Credit the VAT ledger. Enter the tax Rate , and Assessable Value in the VAT Details screen.
The journal voucher appears as shown below:
5. Enter Narration , if required.
6. Press Enter to save.
'Recording Refund of Input Tax (Odisha)' has been shared with