A journal voucher is created to adjust the decreasing output tax in lieu of Tax Deferred by selecting the flag Decrease of Output Tax .
To create journal voucher for decreasing output tax in lieu of Tax Deferred
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 the option Decrease of Output Tax in the field Nature of adjustment .
o Select the option Tax Deferred in the field Additional Details for tax deferred adjustment entry.
or
o Select the option Tax Paid in Excess for decreasing output tax in lieu of tax paid in excess.
o Press Enter to save and return to voucher screen.
3. Debit the VAT ledger created under the group Duties & Taxes .
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 Debit column.
5. Credit the ledger created under the group Current Assets .
The journal voucher appears as shown below:
6. Press Enter to accept.