Reversal of Notional Tax Credit (Chandigarh)

To avail partial or full credit of notional tax on capital goods and adjust it against output tax dues

1.     Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

2.     Click J: Stat Adjustment to enable the required options in the Stat Adjustment Details screen.

3.     Debit the expense ledger and enter the amount.

4.     Credit the output VAT ledger. Enter the tax Rate and Assessable Value in the VAT Details screen. The journal voucher appears as shown below:

5.     Press Enter to save.