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ALT+N : CENVAT Ledgers

(Quick Setup for Excise for Manufacturer in Tally.ERP 9)

CENVAT Ledgers are created to avail and account the CENVAT Credit on the Raw Materials (Inputs) purchased.

To create CENVAT Ledger press Alt+N or select the option N: CENVAT Ledgers and press Enter to view CENVAT Ledgers Setup screen.

Basic Excise Duty - CENVAT

In CENVAT Ledgers Setup screen

1.    Enter the Name of the CENVAT ledger you wish to create, for e.g., Basic Excise Duty - CENVAT in Name of Ledger field

2.    Select Current Assets as the group name in Under field.

Note: Tally.ERP 9 allows the user to create CENVAT Ledgers under Current Assets or Duties & Taxes. If the user

          * Wants Net Group balance to be displayed then create CENVAT Ledger under Duties and Taxes

          Example: Tax Liability (Rs. 10000) – credit (Rs. 3000) = Net (Group) Duty Liability (Rs. 7000)

* Wants separate balance of Tax Liability and Credit to be displayed create CENVAT Ledger under Current Assets

          Example: Tax Liability = Rs. 10000

             Credit Account = Rs. 3000

3.            In Excise Duty Type field select CENVAT Basic Excise Duty from the List of Excise Duty Ledger

4.            In Duty Head field based on the duty type selected in Excise Duty Types field duty head will be displayed automatically. e.g. Basic Excise Duty.

5.    Skip the Excise Accounting Code field. As the CENVAT Ledgers are not used to account duty payable it is not must to provide Excise Accounting Code. If required enter the accounting code.

6.            In Rate of Duty field enter the duty rate as 10%

Education Cess - CENVAT

1.    Enter the Name of the CENVAT ledger you wish to create, for e.g., Education Cess -  CENVAT.

2.    Select Current Assets as the group name in Under field.

3.            In Excise Duty Type field select CENVAT Education Cess from the List of Excise Duty Ledger

4.            In Duty Head field based on the duty type selected in Excise Duty Types field duty head will be displayed automatically. e.g. Education Cess.

5.    Skip the Excise Accounting Code field. As the CENVAT Ledgers are not used to account duty payable it is not must to provide Excise Accounting Code. If required enter the accounting code.

6.            In Rate of Duty field enter the duty rate as 2%

Secondary Education Cess - CENVAT

1.    Enter the Name of the CENVAT ledger you wish to create, for e.g., Secondary Education Cess - CENVAT.

2.    Select Current Assets as the group name in Under field.

3.            In Excise Duty Type field select CENVAT Secondary & Higher Education Cess from the List of Excise Duty Ledger

4.            In Duty Head field based on the duty type selected in Excise Duty Types field duty head will be displayed automatically. e.g. Secondary Education Cess.

5.    Skip the Excise Accounting Code field. As the CENVAT Ledgers are not used to account duty payable it is not must to provide Excise Accounting Code. If required enter the accounting code.

6.    In Rate of Duty field enter the duty rate as 1%

http://www.tallysolutions.com/website/CHM/TallyERP9/Taxation_Setup/Images/Taxation_Setup_-_Excise_for_Manufacturer_18.gif
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7.            Press Enter to save.

Note: You can also create CENVAT Ledgers from Gateway of Tally > Accounts Info. > Ledgers

 
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