Record Journal Vouchers for Reversal of Tax Credit under GST
Reversal of tax credit can be done for trading goods, capital goods, goods meant for self-consumption and services. You can reverse the tax credit, 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 – Reversal of Input Tax Credit.
- Press Enter to save and return to the journal voucher.
- In the Journal voucher, debit the expense or party ledger, and credit the integrated tax, central tax, state tax/UT tax or cess ledgers.
- Accept the screen. As always, you can press Ctrl+A to save.