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When the stock purchased during the previous tax regime is cleared, the tax credit can be claimed under GST. This facility is available only upto 6 months from the date of implementation of GST. You can record this transaction using a journal voucher.
To record a journal voucher for transitional credit under GST
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,
● For availing tax credit on excise and service tax, debit the central tax ledger and credit the service tax and CENVAT ledgers.
● For availing tax credit on VAT, additional tax, cess, TDS and entry tax, debit the state tax/UT tax ledger and credit the VAT, additional tax, cess, TDS and entry tax ledgers.