You can record input tax credit admitted on capital goods by creating a journal voucher.
To avail input tax credit for purchase of capital goods
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 to select the required options in the Stat Adjustment Details screen.
● In the Stat Adjustment Details screen,
o Select VAT as the Type of duty/tax .
o Select Input Tax Credit Admitted On Capital Goods as the Nature of adjustment .
o Press Enter to save.
3. Debit VAT ledger.
4. Enter the Amount Claimed for the reporting period in the Credit Settlement Details screen.
Note: The columns in the Input Credit Details appear based on the State selected in the Company VAT Details screen. In this example, Bihar is selected as the State .
5. Credit the current assets ledger.
The journal voucher appears as shown below:
6. Press Enter to save.
T he states with Input Tax Credit Admitted On Capital Goods available as the Nature of Adjustment are given below:
|
State Name |
Nature of Adjustment |
Voucher Entry |
|
Andhra Pradesh |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Assam |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Bihar |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Chandigarh |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Dadra and Nagar Haveli |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Delhi |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Goa |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Jammu and Kashmir |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Jharkhand |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Karnataka |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Kerala |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Maharashtra |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Madhya Pradesh |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Odisha |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Puducherry |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Rajasthan |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Telangana |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Uttar Pradesh |
Input Tax Credit Admitted On Capital Goods |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
