You can create a journal voucher to account for tax credit on purchase from unregistered dealers.
To create journal voucher for tax credit on purchase from URDs
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 the option VAT in the Type of duty/tax field.
o Select the option Input Tax Adjustment for Purchases From URDs in the Nature of adjustment field.
o Press Enter to save and return to voucher screen.
3. Debit the VAT ledger.
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 the Debit column.
5. Credit the ledger grouped under Current Assets .
6. Enter Narration , if required.
The journal voucher appears as shown below:
7. Press Enter to save.
T he states with Input Tax Adjustment for Purchases From URDs available as the Nature of Adjustment are given below:
|
State Name |
Nature of Adjustment |
Additional Details |
Voucher Entry |
|
Bihar |
Input Tax Adjustment for Purchases From URDs |
--- |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Jammu and Kashmir |
Input Tax Adjustment for Purchases From URDs |
--- |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Karnataka |
Input Tax Adjustment for Purchases From URDs |
Not Applicable |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
|
Previous Period |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets . |
||
|
Odisha |
Input Tax Adjustment for Purchases From URDs |
--- |
Debit: VAT ledger. Credit: VAT ledger. |
|
Puducherry |
Input Tax Adjustment for Purchases From URDs |
Deduction U/s 6A of Earlier Law (On Going) |
Debit: VAT ledger. Credit: Ledger grouped under Current Assets or Indirect Expenses . |