Type search words and press enter
"Use Edit Log for transactions/masters, and digital signature for invoices/reports with Release 2.1. Download NOW!"

Recording Refund of Input Tax (Punjab)

You can record a journal to capture refund of input tax by selecting Nature of adjustment as Refund of Input Tax .

To account for input tax 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 .

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 ledger grouped under Current Assets , and enter the amount.

4. Credit the input VAT ledger. Enter the Rate , Surcharge Rate and Assessable Value in VAT Details screen. The journal voucher appears as shown below:

5. Press Enter to save.