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Refund of Input Tax (Rajasthan)

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 the option VAT in the Type of duty/tax field.

o Select the option Refund of Input Tax in the Nature of adjustment field.

o Press Enter to save and return to voucher screen.

3. Debit the ledger grouped under Current Assets .

4. Enter the amount in Debit column.

5. Credit the input VAT ledger.

o Enter the Rate , Assessable Value and Schedule Serial No. , and select the Schedule Name in the VAT Details screen.

o Press Enter to return to voucher screen.

The journal voucher appears as shown below:

6. Press Enter to save.