Home Page : TallyERP9Book.Com Click...Order Now ! Click...Order Now ! Click....Book Contents !
Connect with ...
 
FAQ-21 ( Excise for Manufacturers):

How do I record the transaction for CENVAT Credit Reversal as per Rule 6 of CENVAT Credit Rules, in Tally.ERP 9? 

When a Principal Input or Capital Good is commonly used for manufacturing both excisable and exempted finished goods, then the user has to reverse the CENVAT Credit to the proportion of the Principal Input / Capital Good which was utilized towards exempted finished goods.

To reverse the CENVAT Credit

a.     Create the Voucher Class in Journal Voucher to enable CENVAT Credit  Adjustment

b.     Record a Journal Voucher for reversing CENVAT Credit

To create the Voucher Class in Journal Voucher

Go to Gateway of Tally > Accounts info. > Voucher Types > Alter > Journal

  1. Tab down to Name of Class field
  2. In the Name of Class field, enter a suitable name for the voucher class and press Enter
  3. In Voucher Type Class screen
    • Set Use Class for Excise /CENVAT Adjustment to Yes

       Tally.Erp 9 : Excise for Manufacturers

  [7-151]

  • Accept the changes in the screen.

      Tally.Erp 9 : Excise for Manufacturers

  [7-152]

  1. Accept to save the Journal Alteration.

To record a Journal Voucher for reversing CENVAT Credit

Go to Gateway of Tally > Accounting Vouchers > Journal Voucher

  1. Press F7 and select CENVAT Credit Adjustment Class from the Voucher Class list
  2. Select the excise adjustment flag CENVAT Reversal (Rule 6) in the Used for field

   

Tally.Erp 9 : Excise for Manufacturers

  [7-153]

  1. Select the required Excise Unit from the list of Excise Units
  2. Debit the ledger created for CENVAT Reversal on Exempt Goods (ideally grouped under Indirect Expenses) and specify the amount to be reversed
  3. Credit CENVAT Ledgers and select the bill references for reversing the credit

Similarly, select the Education Cess and Secondary Education Cess ledgers also for reversal.

  1. Set the option Provide Details to  Yes

·         Enter the required period for which the reversal is being processed

Specify the required remarks in the Narration field

    

Tally.Erp 9 : Excise for Manufacturers

  [7-154]

 

  1. Accept to save the Journal voucher

This Reversal entry will reflect in the following Excise Reports:

  • Excise Computation
  • Forms E.R.-1 (Table No. 8, Row 13), and E.R.-3 (Table No. 6, Row 13)
  • RG23 Part II
  • Credit Summary
  • Credit Availed
  • Abstract
 
 
 
 
[FAQ] : Tally.ERP 9
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
 
 

Enter your email address:
[ Get Tally.ERP 9 Questions & Knowledge Base Feed delivered by eMail ]

Delivered by FeedBurner

 
 
Disclaimer

The names of Companies and persons used in this Website have been used for illustrative purposes only.
The visitors may visit www.tallysolutions.com , the web site of Tally Solutions Pvt. Ltd. for resolving their doubts or for clarifications

Trademark :

Tally, Tally 9, Tally9, Tally.ERP, Tally.ERP –9, Tally.Server 9, Tally.NET & Power of Simplicity are either registered trademarks or trademarks of Tally Solutions Pvt. Ltd. in India and/or other countries. All other trademarks are properties of their respective owners. This Website is not associated with any product or vendor mentioned in this Website.

GETTINGS STARTED @ Tally.ERP 9
QUESTIONS BASE @ Tally.ERP 9
REPORT GENERATES @ Tally.ERP 9
TIPS & TRICKS @ Tally.ERP9 GST for Tally.ERP9
1 > Financial Statement Report 1 > Tips & Tricks @ Tally.ERP 9 1 >Introduction to GST ( IGST . CGST, SGST )
2 > Accounts Book & Register Report 2 > FAQ's @ Tally.ERP 9 2 >Calculation of GST ( IGST, CGST & SGST)
3 > Stock Register / Reports 3 > Short Cut Keys @ Tally.ERP 9 3 > GST on Tally.ERP 9 ( With Practical Assignment )
4 > Job Costing Reports 4 > Tips-Weekly Refresher @ Tally.ERP9 4 > Generate GSTR-1 Returns / Reports under Tally.ERP9
5 > Pay Roll Register Reports   5> Status Reconciliation (GSTR-1)
6 > Point of Sale Register Reports   6 > Challan Reconciliation Report for GST Payments
     
  8 > Excise - Manufacturer      
  9 > Technology / Utilities      
 
SWAYAM EDUCATION
Mandal Bagicha, Hemkapada,
Sunhat, Balasore-756002 ( Odisha )-India
eMail ID : tallyerp9bookorder@gmail.com
Web : www.tallyerp9book.com
Mob : 09437264738
Get Updated ...
Website Designed, Hosted, Owned by : www.BalasoreCity.Com