Gujarat - ITC Reversal

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Gujarat - ITC Reversal

Tally.ERP 9 Article Rating Published On : 14 June 2011 Last Updated On : 9 August 2011

Gujarat - ITC Reversal

The VAT Annexure - ITC Reversal is provided to capture the reversal of input tax credit on local purchases to the extent interstate trade or used as inputs for manufacture of goods which would be sold in the course of interstate sales.

Step 1: Rate of VAT in VAT Commodity master In the VAT Commodity creation/alteration screen, enter the tax rate in Rate of VAT (%) field. On entering the rate here, th Commodity and predefined with the VAT rate will be captured in ITC reversal annexure.

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