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Record Availment of Partial CENVAT Credit (Capital Goods) – Excise for Manufacturer

When purchasing raw materials (capital goods), the duty amount can be accounted for as an additional expense on the purchase. Later, there may be a need to account it as CENVAT credit. To adjust the duty amount, a journal voucher has to be recorded with the flag Availment of CENVAT Credit (Capital Goods).

  1. Gateway of Tally > Vouchers > press F7 (Journal).
    Alternatively, press Alt+G (Go To) > 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 required duty ledger and enter the required amount to claim.
  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.
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