To claim the output VAT on restrictive tax invoice as input credit  Go to Gateway of Tally > Accounting Vouchers > F7: Journal.  Click J: Stat Adjustment.  Select VAT as the Type of duty/tax.  SelectIncreasing Input Tax as the Nature of Adjustment.  Select ITC on Net Present Value Scheme for Additional Details.- Debit the input VAT ledger. Enter […]

The procedure of recording purchases and sales is same for NPV dealers and regular registered dealers. However, toclaim 75% of the output tax charged on “Restrictive Tax Invoice”as input credit, the NPV dealer has to record an adjustment entry in journal voucher. Steps to pass transactions under NPV scheme. a)     From Gateway of Tally > […]

While recording the journal voucher to claim 75% of output VAT on restrictive tax invoices as input credit, if: Common VAT ledger is used, the VAT ledger displays the ledger balance after considering the input credit claimed on such invoices Separate ledgers maintained for input and output VAT are used, another journal voucher has to […]

What is NPV Scheme? The Goa Value Added Tax Department-cum-Net Present Value Compulsory Payment Scheme, 2005 came into force on 1 April 2005. It is applicable: For all industrial units eligible as per provisions of this scheme. On sale of manufactured goods. The NPV dealer must show the complete output VAT amount in the invoice […]