Recording Increase of Tax Liability - Interest (Gujarat)

In Tally.ERP 9, you can record a journal voucher to account for interest payable for Increase of Tax Liability within the state of Gujarat.

To create a Journal voucher for interest payable

1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .

Note: 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 Increase of Tax Liability in the Nature of adjustment field.

o Select the option Interest in Additional Details field.

o Press Ctrl+A to return to the voucher.

3. Debit the expense ledger created under the group Indirect Expenses , and enter the value.

4. Credit the ledger grouped under Current Liabilities .

5. Set the option Provide VAT Details? to Yes .

6. Enter From and To date in the Refund Adjustment Details screen.

The journal voucher appears as shown below:

7. Press Enter to save.