You can create a journal voucher to account for the increase in notional tax credit for Punjab VAT.
To create journal voucher for increase of notional tax
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/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 Increasing Notional Input Tax in the Nature of adjustment field.
o Press Enter to save and return to the voucher screen.
3. Debit the notional tax credit ledger (grouped under Duties & Taxes with Type of duty/tax as VAT , and the option Use for notional ITC? set to Yes ).
o Enter the Rate , Surcharge Rate and Assessable Value in the VAT Details screen.
o Press Enter to return to voucher screen.
4. Credit the expense ledger grouped under Indirect Expenses . The journal voucher appears as shown below:
5. Press Enter to save.