Raw materials which are used as inputs to manufacture finished goods, when removed as such, the clearance will attract duty. The duty being charged on this clearance can be adjusted with any CENVAT credit amount available.
To record an adjustment towards removal as such of raw materials (inputs)
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 Unit .
The Tax Unit selected in the Stat Adjustment Details screen will be displayed here. Press Spacebar to change the Tax Unit .
6. Debit the required duty ledger.
7. Credit the required duty ledger.
8. Enter the Narration , if required.
9. Press Enter .
The completed adjustment entry is as shown below:
10. Press Enter to save.
The adjustment entry recorded using the flag Adjustment Towards Removal As Such (Inputs) is displayed under Removal As Such .
The detailed view of the return form appears as shown below:
The consolidated value of all adjustment transactions recorded for removal as such is displayed here.
Press Enter on Removal As Such to view the CENVAT Credit Utilised report.