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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’.

To reverse the CENVAT Credit,

Go to Gateway of Tally > Accounting Vouchers > Journal Voucher

  • Press F7 and select CENVAT Credit Adjustment Class from the Voucher Class list

Note: A separate Voucher Class should have been created before passing the Reversal entries.

  • Select the Excise Adjustment flag CENVAT Reversal (Rule 6) in the Used for field


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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

 
 
 
 
Tally.ERP 9 Reference Manual LIBRARY
1.
Installation of Tally.ERP9
2.
Site Licensing of Tally.ERP9
3.
Shortcut Keys in Tally.ERP9
4.
Maintaining Company Data
5.
Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
6.
Voucher Entry
7.
Reports in Tally.ERP9
8.
Excise for Dealer
9.
Excise for Manufacturer
10.
Reports [ Excise for Manufacturer]
11.
Excise for Importer
12.
Service Tax in Tally.ERP9
13.
Tax Collected at Source (TCS) in Tally.ERP9
14.
Tax Deducted at Source (TDS) in Tally.ERP9
15.
Value Added Tax (VAT) in Tally.ERP9
16.
Central Sales Tax (CST) in Tally.ERP9
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
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