You can create a journal voucher to account for tax credit on purchase from unregistered dealers.
To create journal voucher for tax credit on purchase from URDs
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 or CST 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 Press Enter to save and return to voucher screen.
3. Debit the VAT ledger.
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 the Debit column.
5. Credit the ledger grouped under Current Assets.
6. Enter Narration, if required.
The journal voucher appears as shown below:
7. Press Enter to save.
The states with Input Tax Adjustment for Purchases From URDs available as the Nature of Adjustment are given below:
|
State Name |
Nature of Adjustment |
Additional Details |
Voucher Entry |
|
Bihar |
Input Tax Adjustment for Purchases From URDs |
--- |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets. |
|
Jammu and Kashmir |
Input Tax Adjustment for Purchases From URDs |
--- |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets. |
|
Karnataka |
Input Tax Adjustment for Purchases From URDs |
Not Applicable |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets. |
|
Previous Period |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets. |
||
|
Odisha |
Input Tax Adjustment for Purchases From URDs |
--- |
Debit: VAT ledger. Credit: VAT ledger. |
|
Puducherry |
Input Tax Adjustment for Purchases From URDs |
Deduction U/s 6A of Earlier Law (On Going) |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets or Indirect Expenses. |