Record a Journal Voucher for Refund of Tax Credit under GST
You can claim the excess amount paid as tax, interest, penalty, late fee or other dues as refund using a journal voucher.
- Gateway of Tally > Vouchers > press F7 (Journal).
Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal). - Press Alt+J (Stat Adjustment) , select the options as shown below:
- Type of duty/tax – GST.
- Nature of Adjustment – Refund.
- Additional Details – Interest.
- Press Enter to save and return to the journal voucher.
- Debit the bank ledger, and enter the amount of interest liability.
- Credit the GST ledgers or ledger grouped under Current Assets.
- Accept the screen. As always, you can press Ctrl+A to save.
Similarly, you can record the journal voucher by selecting the Additional Details in the Stat Adjustment Details as:
- Not Applicable, for refund of excess tax payment made.
- Penalty, for refund of excess payment made towards penalty.
- Late Fee, for refund of excess payment made towards late fee.
- Others, refund of excess payment made towards other dues.