Incorrect CENVAT Credit Balance Displayed in Form ER1 (Excise for Manufacturer)
When an excise purchase transaction with Basic Excise Duty and Special Excise Duty is viewed in Form ER1 computation report, the value of Basic Excise Duty was added with Special Excise Duty and displayed in Balance Cenvat Credit Available field.
When the same was checked after a month only the Basic Excise Duty value was displayed in Balance Cenvat Credit Available field, instead of the available balance CENVAT credit.
CENVAT credit is allowed only on a set of Duty code. This problem occurs when the Duty code is irrelevant.
You need to reconfigure the Special Excise Duty head to resolve this.
To reconfigure the Special Excise Duty head
- Gateway of Tally > Alter > Excise Duty Classifications > type or select SED.
Alternatively, press Alt+G (Go To) >type or select Alter Master > Excise Duty Classifications > type or select SED.
- Select ADC_LVD_CL_75 (Additional Duty of Imports) or ADE_LVD_CL_85 (Additional Duty Levied under Clause 85) in Duty code field.
- Press Enter to save.