Input tax credit reversal of stock item report displays the calculation of ITC reversal amount due to lower tax payable for interstate transactions.
● Go to Gateway of Tally > Display > Statutory Reports > VAT > Form 201 .
● Click R : ITC Reversal Stock Item . The Print Report screen appears as shown below:
● Press Enter to print.
The report appears as shown below:
A brief explanation about the form fields is given below:
|
Field Name |
Description |
|
Calculation of ITC Reversal Amount due to lower tax payable for Interstate Transactions from _______ to _______ |
Displays the From and To dates of the report period. |
|
Item Stock details |
|
|
Name |
Displays the name of the stock item. |
|
Opening Balance |
Displays the opening balance of the stock item. |
|
Purchases |
Displays the quantity of stock items with unit of measure entered in VATable and non-VATable purchases. |
|
Value |
Displays the value of purchases. |
|
Sales Details |
|
|
Quantity |
Displays the net quantity of stock items with unit of measure entered in sales recorded with the nature of transaction Interstate Sales - Against Form C taxable at 2% . |
|
CST Rate |
Displays 2% as the CST rate to be reversed. |
|
Purchase Value of Sale Quantity |
Displays auto calculated value. |
|
Closing Stock* |
|
|
Quantity |
Displays the balance quantity (opening balance + purchase quantity – sales quantity) |
|
Value |
Displays the value of unsold stock items. |
|
Reversal Amount |
Displays the value of input VAT reversed on purchase value of goods sold, recorded by selecting the nature of transaction Interstate Sales - Against Form C (Purchase value of sale quantity * 2%) |
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