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Input Tax Credit Admitted on Capital Goods (VAT)

You can record input tax credit admitted on capital goods by creating a journal voucher.

  1. Gateway of Tally > Accounting Vouchers > press F7 (Journal).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal)
    Note: You can create a journal voucher from Gateway of Tally > Display More Reports > VAT Reports > select the VAT or CST form.
  2. Press Alt+J (Stat Adjustment) to select the required options in the Stat Adjustment Details screen. In the Stat Adjustment Details screen,
    • Select VAT as the Type of duty/tax.
    • Select Input Tax Credit Admitted On Capital Goods as the Nature of Adjustment.
    • Press Enter to accept the screen. As always, you can press Ctrl+A to save.
  3. Debit the VAT ledger.
  4. Enter the Amount Claimed for the reporting period in the Credit Settlement Details screen.

    Note: The columns in the Input Credit Details appear based on the State selected in the Company VAT Details screen. In this example, Bihar is selected as the State.
  5. Credit the current assets ledger. The journal voucher appears as shown below:
  6. Accept the screen. As always, you can press Ctrl+A to save.

The states with Input Tax Credit Admitted On Capital Goods available as the Nature of Adjustment are given below:

State Name

Voucher Entry

Andhra Pradesh

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Assam

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Bihar

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Chandigarh

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Dadra and Nagar Haveli

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Delhi

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Goa

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Jammu and Kashmir

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Jharkhand

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Karnataka

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Kerala

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Maharashtra

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Madhya Pradesh

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Odisha

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Puducherry

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Rajasthan

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Telangana

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

Uttar Pradesh

Debit: VAT ledger.

Credit: Ledger grouped under Current Assets.

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