https://help.tallysolutions.com/docs/te9rel63/Tax_International/GCC_VAT/reverse_charge_summary_gcc_vat.htm

Reverse Charge Summary for GCC VAT

This report displays transactions of purchases and journal vouchers recorded under reverse charge. At the bottom of the report, the Summary of Tax Liability is displayed with following columns:

Taxable Amount

Total Liability

Liability Booked

Balance Liability

This report gives you a quick overview of the tax liability created due to purchases recorded under reverse charge.

The purchases recorded under reverse charge using the following nature of transactions are captured in this report:

Imports Taxable

Intra GCC Taxable Purchases

View the Reverse Charge Summary

1. Go to Gateway of Tally > Display > Statutory Reports > VAT > Reverse Charge Report .

The Reverse Charge Summary report appears as shown below:

J : Stat Adjustment - Click this button to record journal transactions to book the pending liability and to update the liability in books of accounts. To record this transaction:

1. Select Nature of Adjustment - Increase of Tax Liability

2. Select Additional Details - Intra GCC Purchase or Imports based on the transaction .

3. Debit the expense ledger.

4. Credit the VAT ledger. Enter the VAT Rate and Taxable Value in the GCC VAT Details screen.

5. Accept the transaction to book the liability.

Click here for detailed information on recording a journal transaction for creating tax liability.

Separate adjustment options are provided in the journal voucher to book liability based on transactions that are liable for reverse charge.

Reverse Charge Transaction

Journal

Nature of adjustment

Additional Details

Intra GCC Taxable Purchases

Increase of Tax Liability

Intra GCC Purchases

Imports Taxable

Increase of Tax Liability

Imports