Input Tax Credit Admitted on Capital Goods (Madhya Pradesh)

You can record input tax credit admitted on capital goods by creating a journal voucher.

To avail input tax credit for purchase of capital goods

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 VAT as the Type of duty/tax .

o Select Input Tax Credit Admitted On Capital Goods as the Nature of adjustment .

o Press Enter to save.

3. Debit VAT ledger.

4. Enter Amount Claimed for the reporting period in Credit Settlement Details screen.

5. Credit the current assets ledger.

6. Enter Narration , if required.

The journal voucher appears as shown below:

7. Press Enter to save.