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Reversal and Refund of CENVAT Credit (Excise For Manufacturer) in Tally - ERP 9
Reversal and Refund of CENVAT Credit (Excise For Manufacturer) in Tally - ERP 9
Reversal and Refund of CENVAT Credit (Excise For Manufacturer) in Tally - ERP 9
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Enter the required period for which
the Refund/Reversal processed
Specify the required remarks in
the Narration field
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Press Enter to accept and save
Note : Re fund Re ce ivable L edger is
creat ed und er Curr e nt Asse ts Grou p.
The above Refund/Reversal entry will affect the
following Excise Reports:
1.In Excise Computation the CENVAT Credit will
be reduced to the extent of Reversal.
2.In ER1 the reversed CENVAT will be shown as
utilisation of CENVAT Credit against row
number 11 (Credit utilised for payment of
Duty on goods).
3.In CENVAT Adjustment
Summary and Availed report, the reversal
amount will be shown as utilisation.
4.In Abstract the reversal of CENVAT Credit will
appear under the column Credit Utilised for
Payment of Duty on Goods.
5.In RG 23A Part II, the CENVAT Credit will be
captured under the Debit columns and balance
will be shown at the end of the report.
CENVAT Reversal (Rule 6) [Excise for
Manufacturer] in Tally.ERP 9
As per Rule 6 of the Cenvat Credit Rules, the Manufacturer shall not be allowed to avail Cenvat Credit attributable
to the Inputs or Input services used in the manufacture of EXEMPTED GOODS.
Manufacturer shall maintain separate accounts for receipt, consumption and inventory of input meant for use in the
manufacture of dutiable final products and separately for use in the manufacture of exempted goods and can avail
CENVAT credit only on that quantity of inputs which is intended for use in the manufacture of dutiable goods.
In other words, the CENVAT credit to be reversed, on the portion of Exempted goods.
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Select the required Excise Unit from the list
of Excise Units
Debit the ledger created for CENVAT Reversal on
Exempt Goods (ideally grouped
under Indirect Expenses) and specify the
amount to be reversed.
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.
Set Yes to specify the Provide Details
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Enter the required period for which the reversal
is being processed
Specify the required remarks in
the Narration field
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Press Enter to accept and save
This Reversal entry will affect the following Excise
Reports:
Excise Computation
Forms E.R.-1 (Table No. 8, Row 13), and
E.R.-3 (Table No. 6, Row 11)
RG23 Part II
Credit Summary
Credit Availed
Abstract
Creating a
Journal Voucher CENVAT Credit Adjustment
[Excise for Manufacturer] in Tally.ERP 9
Under Central Excise Act Excise duty is payable
monthly or quarterly depending on the Type of
manufacturer.
If youre a Regular Manufacturer, Excise Duty is payable
Monthly and if you are SSI Excise Duty is payable
Monthly. Hence the CENVAT Credit Adjustment entry is
recorded at the end of Every month or Quarter
depending on the type of Manufacturer.
For the payment of Excise Duty, CENVAT
Credit available to a Unit will be adjusted towards
the Duty Payable to arrive at the Net Duty
Payable to the Government.
In Tally.ERP 9 to record the adjustment, CENVAT
Duty and Excise Duty accounts
are Credited and Debited, respectively to nullify their
balances and the net balance in the Excise Duty ledgers
will be paid to the Government.
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o To: 30-4-2009
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Press Ctrl+A to accept
Similarly record Journal entries for other Duty/CENVAT
ledgers. The ledger amounts appear rounded. Let us
check the amounts in Accounts Books > Ledgers.
Go to Gateway of Tally > Display > Accounts
Books > Ledgers > Basic Excise Duty 16%
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Observe, the closing balance is now rounded off
to `1732.00
Now, while recording a Journal with CENVAT
Adjustments flag, and using
the Excise Helper option, the values of the CENVAT
and Duty ledgers appear rounded.
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Note : To i ncrea se the amount of the
du ty p ayabl e l edge r, Cr edi t the l edger
w hi le recor di ng the ab ove j ournal entry.
Si mil arly, to i ncreas e the C ENVAT
amount, De bit the C ENVAT l edger w ith
the re qui r ed amount. To reduc e the
amount, revers e the ste p. That
i s, D ebit the Du ty p ayabl e led ger
and Cr edi t the C ENVAT l edger.
G.A.R. - 7 Payment (Without using Auto Fill of
Statutory Payment) [Excise for Manufacturer]
in Tally.ERP 9
In Tally.ERP 9, from Release 2.0 Tax/Duty
payments can be recorded using S: Stat
Payment Button.
To record G.A R. -7 Payment without using the auto fill of statutory payment
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3.In Statutory Payment screen
Type of Duty/Tax: In this field select the
Tax/Duty Type towards which tax payment entry
is being recorded. Here we are recording excise
duty payment entry, hence select Excise from
the Type of Duty/Tax
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Note : The Ty pe s of D uty / Tax will be
di spl ay ed bas ed on the statutory
f eatures enabl ed i n F11: Features for
the compa ny.
Auto Fill Statutory Payment: Set this option
to YES to auto calculate and fill the duty payable
to the Government. Set this option to NO, if the
user wants to manually select the duty ledger
and duty bills. ABC Company does not want the
duty details to be auto filled to the payment
voucher, hence the option Auto Fill Statutory
Payments is set to No.
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4.Press Enter to accept the Statutory Payments
details.
5.In Account field select the Bank account through
which the duty payment is made. Select SBI
Bank from the List of Ledger Accounts.
5.Under Particulars select Excise Duty ledger - Basic
Excise Duty @ 16% and press enter to
view Excise Duty Allocation screen.
5.In Excise Duty Allocation screen select all the
pending bills for the Payment of tax.
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8.Amount will be updated based on the pending
bills selected in the Excise Duty
Allocation screen.
8.Under Particulars select Excise Duty ledger
- Education Cess @ 2%. In Excise Duty
Allocation screen select all the pending bills for
the Payment of tax.
8.Under Particulars select Excise Duty ledger
Secondary Education Cess @ 1%. In Excise
Duty Allocation screen select all the pending bills
for the Payment of tax.
8.Set the option Provide Details to Yes to
view Payment Details screen.
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12. In Payment Details (for Excise) screen:
In Period From and To field enter the period
as 1-4-2008 to 30-4-2008
In Excise Unit Name field select ABC
Company from the List of Excise Units
In Challan No. field enter the Bank Challan no.
- 456423 used to pay the duty amount
In Challan Date field enter the date 3-5-
2008 on which the duty is paid
In Bank Name field enter the Name of the Bank
SBI Bank through which the payment is
made.
In BSR Code field enter the BSR Code of the
branch - 0078548
In Cheque/Draft/Pay Order No. field enter
the Cheque Number 552423
In Cheque Date field enter the cheque date
as 3-5-2008
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13. In the Narration field enter the Cheque No.
-552423.
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14. Press Enter to accept and save.