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Reversal of Tax Credit under GST in Tally.ERP9

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.

To record a journal voucher for reversing the tax credit

1.                   Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

2.                    Click J: Stat Adjustment.

3.                    In the Stat Adjustment Details screen, select the options as shown below:

4.                   Press Enter to save and return to the journal voucher.

5.                   In the journal voucher, debit the expense or party ledger, and credit the integrated tax, central tax, state tax/UT tax or cess ledgers.

6.                   Press Ctrl+A to accept the voucher.

 
 
 
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