Recording Adjustment Towards Miscellaneous Payment (Excise for Manufacturer)

Any existing CENVAT credit can be used to adjust the current CENVAT liability.

To record an adjustment entry for duty liability

1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

2. Click J: Stat Adjustment.

3. Enter the Type of Duty/Tax, Tax Unit, and Nature of Adjustment in the Stat Adjustment Details screen.

4. Press Enter.

5. Press Enter to accept the Tax UnitThe Tax Unit selected in the Stat Adjustment Details screen will be displayed here. Press Spacebar to change the Tax Unit..

6. Debit the Excise duty ledger with CENVAT credit.

7. Credit the liability ledger.

8. Enter the Source Document No. and Date in the Type of Payment screen.

9. Press Enter.

10. Enter the Narration, if required.

The journal voucher appears as shown below:

11. Press Enter.

Viewing in Return Forms

The adjustment entry recorded using the flag Adjustment Towards Miscellaneous Payments (Arrears) is displayed under Other Adjustments.