Adjusting Input Credit (Goa)

While recording the journal voucher to claim 75% of output VAT on restrictive tax invoices as input credit, if:

Common VAT ledger is used, the VAT ledger displays the ledger balance after considering the input credit claimed on such invoices.

Separate ledgers maintained for input and output VAT are used, another journal voucher has to be recorded to off-set the tax credit against the tax dues.

To record a journal voucher to set-off output VAT against input tax credit

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

2. Debit the output VAT ledger.

3. Credit the input VAT ledger.

4. Press Enter . The Accounting Voucher Creation screen appears as shown below:

5. Press Enter to save.