Home Page : TallyERP9Book.Com Click...Order Now ! Click...Order Now ! Click....Book Contents !
Connect with ...
 
FAQ-5 ( Excise for Manufacturers):

How to Avail CENVAT Credit on Purchases from Excise Dealers ?

In Tally.ERP 9, CENVAT Credit on purchases from Excise Dealers 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.

Example: On 15-6-2009 ABC Company received the bill for Rs. 14,610 from Shubh distributors for the supply of 100 Water Containers – 20 ltrs @ Rs. 140.48 per container. Against this purchase of 100 water containers, ABC Company can avail CENVAT Credit on Rs. 10,000 (@ Rs. 100 per Container i.e., on Assessable Value as per manufacturer’s invoice).

Create CENVAT Ledgers

To avail cenvat credit, CENVAT ledger can be created under Duties & Taxes or Current Assets with Type of Duty/Tax as CENVAT. In Tally.ERP 9 to account duty on different Duty Classifications (Example: Basic Excise Duty, Education Cess, Secondary Education Cess etc.) separate ledgers have to be created

If the inputs purchased attract different rate of Excise Duty, then it is suggested to create separate duty ledgers for exch rate of Duty. While recording the transaction appropriate duty ledgers have to selected to account the duty. Duty will be calculated and dispalyed only when the Rate of duty mentioned in Duty ledger & Stock Items master are same.

In this scenario, ledgers are created under Current Assets

Basic Excise Duty (CENVAT)

Tally.Erp 9 : Excise for Manufacturers

 [7-16]

Education Cess (CENVAT)

Tally.Erp 9 : Excise for Manufacturers

 [7-17]

Secondary Education Cess (CENVAT)

Tally.Erp 9 : Excise for Manufacturers

 [7-18]

Procedure:

1. Avail CENVAT Credit on Purchases (in the same invoice)

Create Party Ledger:

Go to Gateway of Tally > Accounts Info. > Ledgers > Create > Shubh Distributors ledger with Excsie Details as shown below

Tally.Erp 9 : Excise for Manufacturers

 [7-19]

 

Record a Purchase Voucher:

  • Select the Excise Purchase voucher and ensure that the voucher is in Item Invoice mode
  • In Party’s A/c Name field select the supplier i.e. Shubh Distributors from the List of Ledger Accounts. In Nature of Purchase field select First Stage Dealer
  •  In Name of Item field select the Stock Item i.e. Water Container – 20 Ltrs. Enter the Quantity and Rate as Rs. 124 [Actual purchase rate (140) – CENVAT Credit (16)].
  • Select Basic Excise Duty (CENVAT) ledger

Note: To Avail the CENVAT Credit user needs to select CENVAT Type of Duty ledgers

  • In the Duty Details screen
    •  In the Name of Item field select the Item – Water Container – 20ltrs
    • In the Assessable Value field enter Rs. 10,000 (Assessable Value as per the Manufacturer’s invoice) InDuty Amount will be calculated and displayed in the Amountfield based on the assessable value entered

Tally.Erp 9 : Excise for Manufacturers

 [7-20]

  • Select Education Cess (CENVAT) ledger to view the Duty Details screen
  • The Duty Details screen appears as shown

Tally.Erp 9 : Excise for Manufacturers

 [7-21]

Note: For the Education Cess (CENVAT) the Basic Excsie Duty(CENVAT) amount is defaulted as the assessable value.

  • Select Secondary Education Cess (CENVAT) and Input VAT @ 4% ledger. Amount will be displayed automatically.

Tally.Erp 9 : Excise for Manufacturers

 [7-22]

 

CENVAT Credit availed in the purchase voucher will be displayed in the CENVAT Credit Availed report. To view the CENVAT Credit Availed report

Go to Gateway of Tally > Display > Statutory Reports > Excise Reports > Manufacturer > CENVAT Credit Availed

Tally.Erp 9 : Excise for Manufacturers

 [7-23]

2. Avail CENVAT Credit on purchases (later by recording a seperate Debit Note)

Record a Purchase Voucher:

Record a Excise purchases as shown below

Tally.Erp 9 : Excise for Manufacturers

 [7-24]

Create Voucher Class for Debit Note:

In the Voucher Type Class screen set the option Use Class for Excise/CENVAT Adjustments to Yes

Tally.Erp 9 : Excise for Manufacturers

 [7-25]

Record a Debit Note (to avail CENVAT Credit):

Go to Gateway of Tally > Accounting Vouchers > Ctrl + F9: Debit Note

  • In Change Voucher Type screen in Class field select CENVAT Availing from the Voucher Class List

Tally.Erp 9 : Excise for Manufacturers

 [7-26]

  • In Excise Unit field select ABC Company
  • In Nature of Purchase field select First Stage Dealer
  • In Debit field select Basic Excise Duty (CENVAT) to view Excise Duty Allocation screen
  • In Excise Duty Allocation screen

Enter the details as shown below. In the Assessable Value field enter Rs. 10,000 (i.e. as per the manufacturer’s invoice)

Tally.Erp 9 : Excise for Manufacturers

  [7-27]

  • In Debit field select Education Cess (CENVAT) to view Excise Duty Allocation screen

Enter the details as shown. In the Assessable Value field enter Rs.1600 (Excise Duty value)

Tally.Erp 9 : Excise for Manufacturers

 [7-28]

 

  • Similarly, in Debit filed select Secondary Education Cess (CENVAT)
  •  In the Credit field select Purchase of Raw Materials ledger. In the Inventory Allocation screen, Name of Item field select the stock item Water Container – 20 Ltrs and in Amount column enter the total amount (of Basic Excise Duty, Education Cess and Secondary Education Cess) Rs. 1648

Tally.Erp 9 : Excise for Manufacturers

 [7-29]

The completed Debit Note is displayed as shown

Tally.Erp 9 : Excise for Manufacturers

  [7-30]

 
 
 
 
[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