Input Tax Adjustment Towards Purchase Tax on Schedule H Items (VAT)
You can create a journal voucher for input tax adjustment towards purchase of schedule H goods 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 Input Tax Adjustment for Purchase Tax Sch. H Items in the Nature of adjustment field.
- Press Enter to save and return to voucher screen.
- Debit the VAT ledger.
- Enter the Rate and Assessable Value in the VAT Details screen.
- Press Enter to return to voucher screen.
- Enter the amount in the Debit column.
- Debit the surcharge ledger and enter the amount.
- Credit the ledger grouped under Current Assets.
- Enter Narration, if required. The journal voucher appears as shown below:
- Accept the screen. As always, you can press Ctrl+A to save.