Duty adjustments can be done using journal vouchers.
To adjust duty using journal vouchers
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
2. Click J : Stat Adjustment .
3. Enter Excise as the Type of Duty/ Tax .
4. Select the required Tax Unit from the List of Tax Units .
5. Select the required Excise Adjustment flag to be used in the journal voucher. The Stat Adjustment Details screen appears as below:
6. Select the ledger to be debited and the ledger to be credited, and the amount in the respective fields.
7. Press Enter .
To view more adjustment flags
1. Press F12: Configure .
2. Enable the option Allow All Adjustment Types in the Stat Adjustment screen.
3. Press Enter .
Click a link below to understand the excise adjustment flags in detail:
This flag is used to utilize CENVAT credit towards payment of arrears.
To use CENVAT credit towards payment of arrears
1. Debit the ledger grouped under Duties & Taxes , Current Liabilities or Current Asset .
2. Credit the ledger grouped under Duties & Taxes , Current Liabilities or Current Asset .
3. Select the Type of Payment . Select,
o Rule 8: If duty amount payable pertaining to any of the previous returns is paid with the credit of the current month then such credit payments are treated as arrears under Rule 8.
o Section 11 A: The duty pertaining to previous returns paid on receipt of a show-cause notice (Disciplinary Action) from the department i.e., any discrepancies identified by the department, then the value which is paid will be represented under this head.
o Section 11A 2B - Supplementary Invoice (Where the original invoice belongs to previous returns) and disallowed CENVAT Credit.
o Section 11A 2B - If there are any discrepancies identified and paid voluntarily by the assessee, the same will be represented under this head.
o Section 11D - If the duty was collected at a lower rate than actual in the previous returns, then the difference amount will be collected with the current period and represented under this head.
4. Enter the Source Document No . and Source Document Date .
The Type of Payment screen appears as shown below:
5. Press Enter .
6. Enter Narration , if required.
7. Press Enter to save.
'Recording Excise Adjustments (Excise for Manufacturer)' has been shared with