In Tally.ERP 9, you can record a journal voucher to account for the reversal of tax.
To record a journal voucher for reversal of tax
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 Reversal of Input Tax in the Nature of adjustment field.
o Select the option Manufactured Goods in the Additional Details field.
o Press Ctrl+A to return to the voucher.
3. Debit expense ledger grouped under Indirect Expenses , and enter the value.
4. Credit the tax ledger created under the group Duties and Taxes .
5. Enter the Rate , Addl. Rate , Assessable Value , Commodity Name and Commodity Code in the VAT Details screen, and press Enter .
The journal voucher appears as shown below:
6. Press Enter to save.
'Recording Reversal of Tax (Gujarat)' has been shared with