1. Select VAT as the Type of duty/tax.
2. Select Increasing Input Tax as the Nature of Adjustment.
3. Select ITC on Net Present Value Scheme for Additional Details. The Stat Adjustment Details screen appears as shown below:
You can claim 75% input credit on the tax paid to the department against restrictive tax invoices issued by units that are covered under the NPV scheme.
While recording the journal voucher to claim 75% of output VAT on restrictive tax invoices as input credit, if:
● Common VAT ledger is used, the VAT ledger displays the ledger balance after considering the input credit claimed on such invoices
● Separate ledgers maintained for input and output VAT are used, another journal voucher has to be recorded to off-set the tax credit against the tax dues
To claim the output VAT on restrictive tax invoice as input credit
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment to view the Stat Adjustment Details screen.
3. Enter the Stat adjustment details.
4. Debit the input VAT ledger.
5. Enter the tax Rate and Assessable Value in VAT Details screen.
6. Credit the ledger grouped under Current Assets. The Accounting Voucher Creation screen appears as shown below:
7. Press Enter to save.
The adjustment entry for claiming 75% input tax credit on duty paid under the NPV scheme is recorded.