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Recording Refund of Input Tax (Odisha)

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.