Increase in Notional Input Tax (VAT)
You can create a journal voucher to account for the increase in notional tax credit for Punjab VAT.
- Gateway of Tally > 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.
- Press Alt+J (Stat Adjustment). In the Stat Adjustment Details screen,
- Select the option VAT in the Type of duty/tax field.
- Select the option Increasing Notional Input Tax in the Nature of adjustment field.
- Press Enter to save and return to the voucher screen.
- 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).
As in other transactions, you can create the ledger on the fly by pressing Alt+C. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > and press Enter.- Enter the Rate, Surcharge Rate and Assessable Value in the VAT Details screen.
- Press Enter to return to voucher screen.
- Credit the expense ledger grouped under Indirect Expenses.
As in other transactions, you can create the ledger on the fly by pressing Alt+C. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > and press Enter.
The journal voucher appears as shown below:
- Accept the screen. As always, you can press Ctrl+A to save.