You can create journal vouchers and select stat adjustment details and the natures of adjustment applicable for Kerala.
Nature of Adjustments provided for journal voucher in release 5.1
Accounting for increase in output tax
Below is a brief description about the nature of adjustments in Tally.ERP 9 release 5.1, and how each adjustment corresponds to the adjustment flags available in previous releases.
|
VAT Adjustments - up to Release 4.93 |
Type of Duty/Tax (From 5.0) |
Nature of Adjustment (From 5.0) |
Additional Details (From 5.0) |
|
Adjustment Against Arrears |
VAT |
Increase of Output Tax Increase of Input Tax |
Adjustment Against Arrears |
|
Adjustment Towards CST |
VAT & CST |
Decrease of Input Tax |
Against CST |
|
Adjustment Towards Entry Tax Paid |
VAT |
Reducing Liability |
Entry Tax |
|
Advance Tax Paid |
VAT |
Decrease of Output Tax Decrease of CST Tax |
Advance Tax |
|
Amount of Tax Deferred |
VAT |
Decrease of Output Tax |
Tax Deferred |
|
Input Tax Credit Admitted On Capital Goods |
VAT |
Input Tax Credit Admitted on Capital Goods |
|
|
Interest Payable |
VAT |
Increase of Tax Liability |
Interest |
|
Penalty Due |
VAT |
Increase of Tax Liability |
Penalty |
|
Reversal of ITC |
VAT |
Reversal of ITC |
|
|
Reversal of Tax in Sales |
VAT |
Increase of Output Tax |
|
|
Reverse Input Tax Credit on Capital Goods |
VAT |
Reversal of ITC |
Capital Goods |
|
Settlement Fee Payable |
VAT |
Increase of Tax Liability |
Settlement Fee Payable |
|
Special Rebate U/S 12 |
VAT |
Tax on URD Purchase |
|
|
Tax on URD Purchase |
VAT |
Tax on URD Purchase |
|
To create a journal voucher
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
3. Select Type of Duty/Tax as VAT. The Stat Adjustment Details screen appears as shown below:
4. Select the required adjustment, for example, Increase of Output Tax, from the List of Nature of Adjustments.
5. Select the required Nature of Adjustments in Additional Details section.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear.
6. Debit the ledger grouped under Current Assets, and enter the amount.
7. Credit the VAT ledger. Enter the VAT Details as shown below:
8. Enter the VAT amount excluding cess.
9. Credit the cess ledger. The amount is displayed automatically. The journal voucher appears as shown below:
10. Press Enter to save.
To record the tax liability in journal voucher
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
3. Select the option VAT in the Type of Duty/Tax field.
4. Select the option Tax on URD Purchase in the Nature of Adjustment field.
5. Press Enter to return to voucher.
6. Debit the input tax ledger created under the group Current Assets and enter the amount.
7. Credit the purchase tax ledger created under the group Duties and Taxes with the option Use for Purchase Tax? enabled.
8. Enter the Rate and the date range within which the purchase was recorded.
9. Select the party ledger from the List of Ledger Accounts.
10. Select the purchase transaction from the list of purchases recorded with Purchase From Unregistered Dealer as the nature of transaction.
11. Press Ctrl+A to return to the voucher creation screen.
12. Enter the amount including cess under the Credit column for the purchase tax ledger.
13. Debit the cess ledger. The amount will be displayed automatically. The journal voucher appears as shown below:
14. Press Ctrl+A to save.