Recording Increase in Input Tax (Punjab)

To capture increase in input tax, you can create a journal voucher for Increasing Input Tax as Goods Received Back After Job Work.

To account for increase in input tax

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 input VAT ledger. Enter the Rate, Surcharge Rate and Assessable Value in VAT Details screen. Enter the amount.

4.     Debit the surcharge ledger. Enter the Rate, Surcharge Rate and Assessable Value in VAT Details screen. Enter the amount.

5.     Credit the ledger grouped under Current Assets. The journal voucher appears as shown below:

6.     Press Enter to save.