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Record Adjustment Towards Arrears (Excise for Manufacturer)

Recording Adjustment Towards Arrears (Excise for Manufacturer) CENVAT credit available can be used to adjust any amount that has to be paid as arrears to the department. The arrears amount adjusted can be allocated to one of the following arrears type:

• Rule 8
• Section 11A 2[B]
• Section 11A
• Section 11D

To record a journal entry to record adjustment towards arrears

1. Gateway of Tally > Vouchers > press F7 (Journal).
   Alternatively, press Alt+G (Go To) >type or select Create Voucher > press F7 (Journal).
2. Press Alt+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 arrears payable ledger.
7. Credit the excise duty ledger.
8. Enter the details in the Type of Payment screen.
9. Press Enter.
10. Enter Narration, if required.
    The completed adjustment entry is as shown below:
11. Press Enter to save.

Viewing in Return Forms

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

Press Enter on Other Adjustments to view the CENVAT Credit Utilised report.