You can record a journal voucher to reverse the notional tax credit for Chandigarh and Punjab.
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 Reversal of Notional Input Tax , as the Nature of adjustment .
o Select the on Account of Sales in Additional Details section.
Note: Based on the selection made for Nature of Adjustments , the Additional Details option either appears or disappears.
o Press Ctrl+A to return to the voucher.
3. Debit the expense ledger and enter the amount.
4. Credit the output VAT ledger. Enter the tax Rate and Assessable Value in the VAT Details screen. The journal voucher appears as shown below:
5. Press Enter to save.
The states with Reversal of Notional Input Tax available as the Nature of Adjustment are given below:
|
State Name |
Nature of Adjustment |
Additional Details |
Voucher Entry |
|
Chandigarh |
Reversal of Notional Input Tax |
on Account of Sales |
Debit: Expense ledger. Credit: VAT ledger. |
|
on Branch Transfer and Consignment |
Debit: Expense ledger. Credit: VAT ledger. |
||
|
on Purchase Return |
Debit: Expense ledger. Credit: VAT ledger. |
||
|
Punjab |
Reversal of Notional Input Tax |
on Account of no stock |
Debit: Expense ledger. Credit: Notional tax ledger. |
|
Purchases Not Eligible for Notional ITC U/S 13(5) |
Debit: Expense ledger. Credit: Notional tax ledger. |