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Question Base [F.A.Q.] on EXCISE for DEALER @ Tally.ERP 9

1. Basic Concept of Excise Duty for Dealer Excise @ Tally.ERP9

The following are some of the basic terms related to Excise.
A : Introduction of Excise Duty
B : Excisable Goods
C : Dealer of Excisable Goods
D : First State Dealer
E :Second State Dealer
F :Registration of Dealers
G :CENVAT Credit
H :Salient Features of Dealer Excise
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2. 'Enabling Dealer Excise in Tally.ERP9

It takes a one-time configuration in Tally.ERP 9 for Excise features to be activated.

 

Follow the steps given below to enable Excise in Tally.ERP 9 for a new company Monnet Ispat & Energy Ltd.

 

1. Enable Excise ( Company Setup )

2. Enable VAT

Monnet Ispat & Energy Ltd., is dealing in Iron & Steel products such as Hot & Cold Rolled Coils,Sheets etc.

 
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3. ' Setup Voucher Type for Dealer Excise@ in Tally.ERP9

Create Excise Purchases and Excise Sales Voucher Types, to record Excise transactions with the required specifications.

 

 

Voucher Types

Type of

Voucher

 

Abbreviate

Use for

Excise

 

Default Excise Unit

Excise - Purchases

Purchase

Ex-Purc

Yes

Monnet Ispat & Energy Ltd.

Excise - Sales

Sales

Ex-Sale

Yes

Monnet Ispat & Energy Ltd.

 

i - Voucher Type Creation - " EXCISE PURCHASE"

ii - Voucher Type Creation - " EXCISE SALES"

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4. 'Creation of Masters / Ledgers for Dealer Excise@ in Tally.ERP9

Once you have enabled Excise in Tally.ERP 9 in the manner as discussed above, the  Excise options will now be available in the ledger masters.

 

 Creating Ledgers

 

Create Purchases, Sales and Party ledgers with the required Excise options.

 

i - Create Party Ledger

 

ii - Create Sales Ledger

 

iii - Create Purchase Ledger

 

iv - Create VAT Ledge

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5. 'Creation of Stock Items for Dealer Excise @ Tally.ERP9

In order to enter the transactions for Purchase and Sales, create the Stock items with the unit of measure. This will enable you to raise the Item invoice and get the stock summary with all the item details.

 

 

Name

Stock Group Name

 

UOM

 

Tariff Clas- sification

Set/Alter Excise Details

 

Valuation

Type

 

Rate Of

VAT

Hot Rolled Coils

Primary

MT

72271000

Yes

Ad Valorem

4%

Go to Inventory Info. > Stock Items > Create
 
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6. 'Entering Transaction for Dealer Excise@ in Tally.ERP9

According to the provisions mentioned in the Central Excise Rules, 2002, a Selling Dealer is eligible to pass CENVAT Credit to the purchasing dealer provided they are registered. Such a sale should be made under the cover of an invoice issued in terms of the provisions of Central Excise. 

The following chart shows the flow of purchase and sales between the Manufacturer, Agent of Manufacturer, First Stage Dealer or Second Stage Dealer and the passing of CENVAT Credit by the Selling Dealer.

i - Purchases from Manufacturer

ii - Purchase from Agtent of Manufacturer

iii - Purchase from Importer

iv - Purchase from First State Dealer

v - Purchases from the Second Stage Dealer

 

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7. 'Creating PURCHASE for Dealer Excise @ Tally.ERP9

On the April 10, 2009, Monnet Ispat & Energy Ltd. purchased the following goods from M/s. Bhargavan Steels (Manufacturer) vide B.No. BS/101.

 

Item Description

Qty (Mts)

Rate

Assessable Value

Hot Rolled Coils.

400

500

2,00,000

 

 

Excise Duty

@ 16%

Education Cess

@ 2%

Sec. Educ. Cess

@ 1%

VAT @ 4%

Invoice

Amount

32,000

640

320

9,318.40

2,42,278.40

 

 
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8. 'Creating & Printing SALES INVOICE for Dealer Excise @ in Tally.ERP9

Record the following sales transaction made by Monnet Ispat & Energy Ltd. on the April

15, 2009, to Jaykanth Engineering, Bangalore.

 

Item Description

Quantity

Rate

VAT

Hot Rolled Coils

200 MT

600

4%

 

 

Setup:

‡                  Create a ledger – Output VAT @ 4%.

1 - Creating Sales Invoice

2 - Printing Sales Invoice

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9. 'EXCISE REPORTS for Dealer Excise @ in Tally.ERP9

Dealers registered with the Central Excise are required to maintain a prescribed register with the proper entries of the consignments received or issued by them.

 

A dealer registered under Excise Rules are required to submit to the Range Superintendent a quarterly return and other documents for verification namely, the Stock Register (earlier referred as RG 23D) and Form II.

 

In Tally.ERP 9, you can generate and print all statutory and excise related forms and report required by a dealer of excisable goods.

1 - Excise Stock Register

2 - Excise Purchase Bill Register

3 - Sales & Purchase Extract

4 - Form RG 23D

5 - Quarterly Return - Form II

6 - Excise Stock Register

 
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10. 'Accounitng for "Return of Goods-Sales Return"for Dealer Excise @ in Tally.ERP9

In the normal course of business, customers may return goods sold to them due to defective quality, price differences etc. Debit and Credit Notes are used to adjust entries for transactions involving the return of excisable goods.

 

 

Sales Returns

 

On 25-4-09, Jaykanth Engineering returned Hot Rolled Coils, the details of which are as given below:

 

Item Description

Quantity

Rate

VAT

Hot Rolled Coils.

5 MT

600

4%

 

 
 
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Tally.ERP9 Report
  1. Unit Objectives
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Tally.ERP9 MIS and Other Reports
Q-Base [ F.A.Q.]
Question Base [F.A.Q.]- Centreal Sales Tax (CST) @ Tally.ERP 9
Question Base [F.A.Q.] on EXCISE for DEALER @ Tally.ERP 9
Question Base - EXCISE for MANUFACTURER @ Tally.ERP 9
Question Base [F.A.Q.]- 'JOB Costing' @ Tally.ERP 9
Question Base - PAY-ROLL @ Tally.ERP 9
Question Base [F.A.Q.]- Point Of Sale (POS) @ Tally.ERP 9
Question Base [F.A.Q.]- Service TAX @ Tally.ERP 9
Question Base [F.A.Q.]- Technology & Utility @ Tally.ERP 9
Question Base [F.A.Q.]- Value Added Tax (VAT) @ Tally.ERP9
 
Reports @ Tally.ERP 9
 
 
 
Company Information @ Tally.ERP9
 
Group & Ledger

Introduction
1. THE GROUP
2. THE LEDGER
3. VOUCHERS TYPES

Advanced Inventory / Stock
Meaning
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Tracking Numbers
Batch-wise Details
Additional Cost Details
Bill of Materials (BOM)
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Zero Valued Entries
Inventory Ageing Report
Actual and Billed Quantities
Advanced Usage of Vouchers
Maintain Bill-wise Details
Cost Center and Cost Category
Interest Calculation
Reversing Journals
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Optional Voucher
Using Tracking Number
Statutory & Taxation
Utilities & Others @ Tally.ERP9
Credit Limits
Knowledge Base @ Tally.ERP9
Stock Items
Stock Groups
Inventory Masters
Inventory Vouchers
Inventory Report Statements
Balance Sheet
Accounting Reports
Accounting Vouchers
Interest Calculation
VAT-Value Added Tax
Service Tax
TDS (Tax Deducted at Source)
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