The input tax reversal computation report ( ITC Reversal Computation ) is provided to capture the reversal of input tax paid on taxable purchase to the extent of interstate sales made.
To generate the ITC Reversal Computation report,
● Go to Gateway of Tally > Display > Statutory Reports > VAT > Form 201 .
● Click I : ITC Reversal Computation .
Provision to change the reversal rate of input tax credit is provided. Click R : ITC Reversal rate to change the tax rate.
The ITC Reversal Computation report appears as shown below:
A brief explanation about the form fields is given below:
|
Field Name |
Description |
|
(A) Total Sales |
Displays the net assessable value of sales recorded with the following nature of transactions: ● Branch Transfer Outward ● Consignment Transfer Outward ● Exports ● Interstate Branch Transfer Outward ● Interstate Consignment Transfer Outward ● Interstate Deemed Export ● Interstate Sales - Against Form C ● Interstate Sales - E1 ● Interstate Sales - E2 ● Interstate Sales Exempt ● Interstate Sales Exempt - E1 ● Interstate Sales - Taxable ● Interstate Sales - Works Contract ● Interstate Sales - Zero Rated ● Labour Charges Collected ● Sales Exempt ● Sales High Seas ● Sales - Others ● Sales Taxable ● Sales - Works Contract ● Sales Zero Rated |
|
(B) Interstate Sales |
Displays the net assessable value of sales recorded with the following nature of transactions: ● Interstate Sales - Against Form C ● Interstate Sales - E1 ● Interstate Sales - Taxable ● Interstate Sales - Works Contract |
|
(C) Ratio of Interstate Sales [B/A * 100] |
Displays auto calculated value. |
|
(D) Creditable Purchase |
Displays the net assessable value of purchases recorded with the following nature of transactions: ● Purchase Taxable ● Purchase - Works Contract |
|
(E) Purchase Consumed /Purchase Value of Sale qty [D * C /100] |
Displays auto calculated value. |
|
ITC Reversal @ 1% |
Displays the input tax credit reversed to the extent of 1% in box (E). Note: The tax reversal rate depends on the user defined rate set by clicking R : ITC Reversal rate . |
|
ITC Reversal on CST |
Displays the value captured in the box ITC Reversal @ 1% or any rate as defined by the user. |
'ITC Reversal Computation (Gujarat)' has been shared with
