Recording Increase in Output Tax (Punjab)

You can record the increase in output tax as Cash Discount on Sales by the creating a journal voucher for the same.

To account for increase in output 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 the Stat Adjustment Details screen,

o Select Type of duty/tax as VAT .

o Select Increase of Output Tax , as the Nature of adjustment .

o Select the Cash Discount on Sales in Additional Details section.

Note: Based on the selection made for Nature of Adjustment , the Additional Details option either appears or disappears.

o Press Ctrl+A to return to the voucher.

3. Debit the sales ledger and enter the assessable value.

4. Debit the output VAT ledger. Enter the Rate , Surcharge Rate and Assessable Value in VAT Details screen. Enter the tax amount.

5. Debit the surcharge ledger. Enter the Rate , Surcharge Rate and Assessable Value in VAT Details screen. Enter the tax amount.

6. Credit the party ledger. The journal voucher appears as shown below:

7. Press Enter to save.