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FAQ-10 ( Excise for Manufacturers):

How to Avail Full Credit on purchases from Manufacturer ?

Example: ABC Company purchased 2,00,000 Nos of Pet bottles from Lanco Manufacturers @ Rs.2 per bottle and paid duty @ 16% along with Education Cess @ 2% and Secondary Education Cess @ 1%

Solution

In Tally.ERP 9, CENVAT Credit on purchases from Manufacturer can be availed -

1.     While recording the purchase transaction (in the same invoice)

2.     Later by recording a separate Debit Note: In this case first purchase invoice will be recorded without availing credit and later a separate Debit Note will be recorded to avail the CENVAT credit

Let us see the procedure to record the purhases from manufacturer and avail full CENVAT Credit in the same invoice.

Step 1: Create the CENVAT Ledgers

CENVAT Ledgers are created to avail Cenvat Credit. In Tally.ERP 9, users can create CENVAT Ledgers either under Current Assets or Duties & Taxes group by selecting duty/tax type as CENVAT. The option of creating CENVAT ledgers under Duties & Taxes and Current Assets has been provided to meet the Customer requirement where some of the customers want to show the Net Group Balance (Liability - Credit) and some want separate balances of Tax Liability and Credit in Books of Accounts

i. Create Basic Excise Duty (CENVAT) ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

  • In Name field enter the Name of the CENVAT ledger, In Under group select Current Assets
  • In Type of Duty/Tax field seelct CENVAT
  • Skip Excise Accounting Code field as accounting code of CENVAT ledgers are not used in any of the reports
  • In Duty Head field select Basic Excise Duty
  • In Percentage of Calculation field enter 16%. The Method of Calculation will be dafualted based on the Duty head selected

Tally.Erp 9 : Excise for Manufacturers

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Similarly, create Education Cess (CENVAT) and Secondary Education Cess (CENVAT) Ledgers

Ensure that the Party ledger, Purchase Ledger, Input Credit ledger, Tariff classification and Stock Items and Excise - Purchase voucher type are created with appropriate options enabled.

Step 2: Record the Transaction in Excise - Purchase Voucher

  • Enter the Date and  Supplier Invoice Number
  • In Party A/c Name field select Lanco Manufacturer and in Nature of Purchase field select Manufacturer

Tally.Erp 9 : Excise for Manufacturers

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  • In Purchase Ledger field select Purchase of Raw Materials ledger and VAT/tax Class will be dispalyed automatically
  • In Quantity field enter quantity as 2,00,000 and Rate as Rs. 2. Amount will be calculated and dispalyed automaticaly
  • Select Basic Excise Duty (CENVAT) ledger, duty amount will be calcualted and dispalyed based on the rate of Duty specified in the ledger
  • Similarly, select Education Cess (CENVAT) and Secondary Education Cess (CENVAT) ledgers
  • Select Input VAT @ 4% to account the VAT amount paid on teh purchase
  • Set the option Show Statutory Details to Yes to view the Duty calculation details

The completed excise purchase voucher is displayed as shown

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