Increase of Tax Liability (VAT)
You can create a journal voucher for increase of tax liability.
- 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 Increase of Tax Liability in the Nature of adjustment field.
- Select the option Interest in Additional Details field.
- Press Enter to save and return to voucher screen.
- Debit the 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. - Enter the amount in the Debit column.
- Credit the ledger grouped under Current Liabilities.
- Set the option Provide VAT Details to Yes, and enter the relevant details.
Note: The option Provide VAT Details is provided as per state specific requirements of VAT/CST forms and annexures. In this example, Bihar is selected as the State.
- Enter Narration, if required. The journal voucher appears as shown below:
- Accept the screen. As always, you can press Ctrl+A to save.
The states with Increase of Tax Liability available as the Nature of Adjustment are given below:
|
State Name |
Additional Details |
Voucher Entry |
|
Andhra Pradesh |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Assam |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Interest, Penalty, Other Dues |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Bihar |
Additional Tax |
Debit: VAT ledger. Credit: Ledger grouped under Indirect Expenses/Current Liabilities. |
|
Interest |
Debit: Expenses ledger. Credit: VAT/CST ledger or ledger grouped under Current Liabilities. |
|
|
Penalty |
Debit: Expenses ledger. Credit: VAT/CST ledger or ledger grouped under Current Liabilities. |
|
|
Surcharge |
Debit: VAT ledger. Credit: Ledger grouped under Indirect Expenses/Current Liabilities. |
|
|
Chandigarh |
Sales by Hire Purchase Or Instalment Purchase |
Debit: VAT ledger. Credit: Ledger grouped under Current Liabilities. |
|
Schedule H Items |
Debit: Expenses ledger. Credit: VAT ledger. |
|
|
Chhattisgarh |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Dadra and Nagar Haveli |
Interest, Penalty, Other Dues |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Tax Payable on Goods Held on the Date of Cancellation of Registration |
Debit: Expenses ledger. Credit: VAT ledger. |
|
|
Delhi |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Tax Payable on Goods Held on the Date of Cancellation of Registration |
Debit: Expenses ledger Credit: VAT ledger. |
|
|
Gujarat |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Himachal Pradesh |
Interest, Penalty, Other Dues |
Debit: Expenses ledger or ledger grouped under Current Liabilities. Credit: VAT ledger. |
|
Jharkhand |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Tax Deferred |
Debit: VAT ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Karnataka |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Others |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Kerala |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Settlement Fee Payable |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Madhya Pradesh |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Maharashtra |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Late Fees |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Switch Over |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Odisha |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Puducherry |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Others |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Tax Payable on Goods Held on the Date of Cancellation of Registration |
Debit: Expenses ledger. Credit: VAT ledger. |
|
|
Punjab |
Interest |
Debit: Expense ledger. Credit: VAT ledger. Credit: Surcharge ledger. |
|
Others |
Debit: Expense ledger. Credit: VAT ledger. Credit: Surcharge ledger. |
|
|
Other Payments |
Debit: Expense ledger. Credit: VAT ledger. Credit: Surcharge ledger. |
|
|
Penalty |
Debit: Expense ledger. Credit: VAT ledger. Credit: Surcharge ledger. |
|
|
Purchase Tax Sch. H Items |
Debit: Ledger grouped under Current Assets. Credit: VAT ledger. Credit: Surcharge ledger. |
|
|
Rajasthan |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Late Fees |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Switch Over |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Telangana |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Penalty |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Uttar Pradesh |
Compounding Scheme Liability |
Debit: Expenses ledger. Credit: VAT ledger. |
|
Switch Over |
Debit: Expenses ledger. Credit: VAT ledger. |
|
|
West Bengal |
Interest |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
Interest Payable Under Section 33 |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Late Fees |
Debit: Expenses ledger. Credit: Ledger grouped under Current Liabilities. |
|
|
Short Paid Earlier |
Debit: VAT ledger. Credit: sales/income ledger. |