Recording Refund of Input Tax (Delhi)

Refunds received against Input Tax applicable for Delhi can be recorded in a journal entry.

To account for input tax refund

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 Type of duty/tax as VAT .

o Select Refund of Input Tax , as the Nature of adjustment .

Note: Based on the selection made for Nature of Adjustments , the Additional Details option either appears or disappears.

o Press Ctrl+A to return to the voucher.

3. Debit the ledger grouped under Current Assets enter the amount.

4. Credit the input VAT ledger. The journal voucher appears as shown below:

5. Press Enter to save.