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Recording Reversal of Input Tax (Odisha)

A journal voucher is created to record the reversal of input tax with Nature of Adjustment as Reversal of Input Tax with appropriate Additional Details .

To create a journal voucher for reversal of input tax

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 to view the Stat Adjustment Details screen.

o Select Type of duty/tax as VAT .

o Select Nature of adjustment as Reversal of Input Tax .

o Select Stock Transfer in the Additional Details field.

o Press Enter to save, and return to the voucher.

3. Debit the expense ledger, and enter the value.

4. Credit the VAT ledger.

o Enter the VAT Details as shown below:

o Press Ctrl+A to accept.

The journal voucher appears as shown below:

5. Enter Narration , if required.

6. Press Enter to save.