Increase in Input Tax

To capture increase in input tax, you can create a journal voucher with Increasing Input Tax as the nature of adjustment.

To create journal voucher for tax credit on opening stock

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

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

3.     Debit the input VAT ledger.

o      Enter the Rate, Assessable Value and Schedule Serial No., and select the Schedule Name in the VAT Details screen.

o      Press Enter to return to voucher screen.

4.     Enter the amount in Debit column.

5.     Credit the purchase ledger.

o      Select the Name of Item and enter the Amount in the Inventory Allocations screen.

o      Press Enter to return to voucher screen.

The journal voucher appears as shown below:

6.     Press Enter to save.