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If you have paid the advance amount for purchases under reverse charge, and the purchase does not happen in the same tax period, record a journal voucher to increase the tax liability . If you have raised the tax liability for the advance paid in the previous period for purchases attracting reverse charge, and the recorded the purchase in the current tax period, you can decrease the liability using a journal voucher.
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
2. Click J : Stat Adjustment .
3. Select the options as shown below.
4. Debit the expense ledger.
5. Credit the GST ledgers for the tax on advance paid under reverse charge.
o In the GST Details screen, enter the tax Rate and Taxable Value to view the transaction in the Advance Paid section of GSTR-4 and GST CMP-08 .
6. Set the option Provide GST Details to Yes and enter the details.
7. Press Enter to return to journal voucher.
8. Press Enter to save.
Record separate journal vouchers for increasing the tax liability on advance amount paid towards, interstate and intrastate purchases under reverse charge.
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
2. Click J : Stat Adjustment .
3. Select the options as shown below.
4. Debit the GST ledgers for the tax on purchases made under reverse charge.
o In the GST Details screen, enter the tax Rate and Taxable Value to view the transaction in the Adjustment of Advances section of GSTR-4 and GST CMP-08 .
5. Credit the expense ledger.
6. Set the option Provide GST Details to Yes . Select the party Ledger Name , Place of Supply and Supply Type .
7. Press Enter to return to journal voucher. The journal voucher appears as shown below:
8. Press Enter to save.
Record separate journal vouchers for decreasing the tax liability on advance amount paid towards, interstate and intrastate purchases under reverse charge.