Recording Refund of Input Tax (Punjab)

You can record a journal to capture refund of input tax by selecting Nature of adjustment as Refund of Input Tax.

To account for input tax refund

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 ledger grouped under Current Assets, and enter the amount.

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

5.     Press Enter to save.