FAQ-23 ( VAT / CST ):

How to pass an entry for purchase of capital goods and account for input VAT credit to be claimed in installments?

Solution:

 

To account for purchase of capital goods and tax credit to be claimed in installments follow the steps given below:

 

Step 1: 

Purchase Voucher

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase

Click on F11: Features button. In the Accounting Features screen, set Maintain Bill-wise Details (for Non-Trading A/c also) to Yes. Accept the screen.

 

Click on Ctrl+V button to view the voucher mode.

In F12: Configure button set Allow Expenses/Fixed Assets in Purchase Vouchers option to Yes

Credit: Party ledger

DebitMachinery-I ledger (grouped under Fixed Assets with VAT/Tax class provided for respective states with the VAT/Tax class - Purchases - Capital Goods @ 5%)

Debit: Tax on Capital Goods @ 5% ledger (grouped under Current Assets with Maintain balances bill-by-bill to Yes)

 

cst in tally erp 9

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Enter the bill-wise details for Tax on Capital Goods @ 5% ledger.

 

Tally

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Step 2:

Journal Voucher

Go to Gateway of Tally > Accounting Vouchers > F7: Journals > Select the voucher class created for VAT Adjustment from the Voucher Class List

In the states where ITC on capital goods is allowed to be claimed in installments, the VAT adjustment - Input Tax Credit Admitted on Capital Goods has been provided. Select the same in the Used for field of journal voucher.

Debit: Input Capital Goods @ 5% ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and the VAT/Tax class - Purchases - Capital Goods @ 5%) and enter the installment amount

Credit: Tax on Capital Goods @ 5% ledger (grouped under Current Assets) and enter the installment amount

 

tally accounting software

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Note: Currently the VAT Adjustment - Input Tax Credit Admitted on Capital Goods is provided for VAT enabled companies of Goa, Kerala, Puducherry, Tamil Nadu and Uttar Pradesh.

 
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