Input Tax Credit Admitted on Capital Goods (Karnataka)

Avail ITC on purchase of capital goods.

To avail input tax credit for purchase of capital goods

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

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

3.     Debit VAT ledger.

4.     Enter Amount Claimed for the reporting period in Credit Settlement Details screen.

5.     Credit the current assets ledger.

The journal voucher appears as shown below:

6.     Press Enter to save.