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Recording Reversal of Input Tax (Puducherry)

A journal voucher is created to record the reversal of input tax with Nature of Adjustment selected as Reversal of Input Tax with relevant 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 . In Stat Adjustment Details screen,

o Select VAT as Type of duty/tax .

o Select Reversal of Input Tax as Nature of adjustments .

o Select Goods Lost, Stolen Or Destroyed, Used As Gift, Sample in the Additional Details field.

o Press Enter .

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

4. Credit the VAT ledger.

o Enter the VAT Details as shown below:

o Press Enter .

The journal voucher appears as shown below:

5. Press Enter to save.