Visual Catpro
   
Treatment of Refund Claim

Refund of ITC is allowed under certain circumstances. The following entry may be passed when you make an application for Refund:-
   
A/c Head
V.Class
Debit
Credit
ITC Refund Claim A/c
 
15000.00
 
VAT Input A/c
 
 
15000.00

When you credit Input Vat account, you will be prompted to enter a sub VAT class. Here choose the option: -
'Reversal against Refund claimed'
This will be duly reflected at S.no. 6(i) of Form VAT-15.

Note :
1.      VAT Input A/c Must be attached with VAT-Class: 'Input Tax (VAT)'

2.      Input prompt for refund at the top of payment details screen is only for backward compatibility.