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 record a journal voucher to set-off output VAT against input tax credit
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Debit the output VAT ledger.
3. Credit the input VAT ledger.
4. Press Enter. The Accounting Voucher Creation screen appears as shown below:
5. Press Enter to save.