Create a journal voucher for input tax credit on purchase from unregistered dealers.
To create journal voucher for input tax credit on purchase from unregistered dealers
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
Note: You can create a journal voucher from Gateway of Tally > Display > Statutory Reports > VAT > select the VAT form.
2. Click J: Stat Adjustment. In the Stat Adjustment Details screen,
o Select the option VAT in the Type of duty/tax field.
o Select the option Input Tax Adjustment for Purchases From URDs in the Nature of adjustment field.
o Select the option Not Applicable in the Additional Details field.
o Press Enter to save and return to voucher screen.
3. Debit the VAT ledger created under the group Duties & Taxes.
o Enter the Rate and Assessable Value in the VAT Details screen.
o Press Enter to return to voucher screen.
4. Enter the amount in Debit column.
5. Credit the ledger created under the group Current Assets.
The journal voucher appears as shown below:
6. Press Enter to save.