Input Tax Credit Admitted on Capital Goods (VAT)
You can record input tax credit admitted on capital goods by creating a journal voucher.
- 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.
- 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.
- Debit the VAT ledger.
- 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.
- Credit the current assets ledger. The journal voucher appears as shown below:
- 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. |