Input tax credit reversal of stock item report displays the calculation of ITC reversal amount due to lower tax payable for interstate transactions.
To generate the ITC Reversal Stock Item report,
● Go to Gateway of Tally > Display > Statutory Reports > VAT > Form 201 .
● Click R : ITC Reversal Stock Item . The Print Report screen appears as shown below:
● Press Enter to print.
The report appears as shown below:
A brief explanation about the form fields is given below:
|
Field Name |
Description |
|
Calculation of ITC Reversal Amount due to lower tax payable for Interstate Transactions from _______ to _______ |
Displays the From and To dates of the report period. |
|
Item Stock details |
|
|
Name |
Displays the name of the stock item. |
|
Opening Balance |
Displays the opening balance of the stock item. |
|
Purchases |
Displays the quantity of stock items with unit of measure entered in VATable and non-VATable purchases. |
|
Value |
Displays the value of purchases. |
|
Sales Details |
|
|
Quantity |
Displays the net quantity of stock items with unit of measure entered in sales recorded with the nature of transaction Interstate Sales - Against Form C taxable at 2% . |
|
CST Rate |
Displays 2% as the CST rate to be reversed. |
|
Purchase Value of Sale Quantity |
Displays auto calculated value. |
|
Closing Stock* |
|
|
Quantity |
Displays the balance quantity (opening balance + purchase quantity – sales quantity) |
|
Value |
Displays the value of unsold stock items. |
|
Reversal Amount |
Displays the value of input VAT reversed on purchase value of goods sold, recorded by selecting the nature of transaction Interstate Sales - Against Form C (Purchase value of sale quantity * 2%) |