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Recording Excise Sales (Inclusive of Tax) (Excise for Manufacturer)

Excise sales transactions can be recorded with all required statutory details.

On 07 April, 2020 National Enterprise made a cash sale of two Oval Eyeglasses, model T1234. The sale value inclusive of cash was Rs. 6550.

 

Activate Sales Inclusive of Tax in the Stock Item

  1. Press F12 (Configure) in the stock item master.
  2. Enable the option Allow inclusive of tax for stock items.
  3. Press Ctrl+A.
  4. Enable the option Is Inclusive of Duties and Taxes. The stock item master appears as shown below:

 

Record the Sales Transaction Inclusive of Tax

  1. Gateway of Tally > Vouchers > press F8 (Sales).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales).
  2. Press Ctrl+H (Change Mode) > select Excise Invoice.
  3. Select National Enterprises as the Tax Unit. The Excise Book Name and the Rule 11 Serial No are displayed automatically.
  4. Select Cash in the field Party’s A/c Name.
  5. Select the Sales ledger.
  6. Select the stock item from the List of Stock Items.
  7. Enter the Godown and Quantity of stock item in the Item Allocations screen.
  8. Enter the Rate (Inclusive of Tax).

    Note: Enable the option Provide support for inclusive of tax for stock item rate to display Rate (Inclusive of Tax) as a column in the Item Allocations screen. This column will be displayed in the sales invoice screen too.
    The rate of the stock item and amount get pre-filled in the Item Allocations screen. Note that using the rate inclusive of tax that has been entered, the sale value of the stock item has been back calculated.
  9. Press Enter.
  10. Select the Excise Duty ledger and Output VAT ledger.
  11. Press Ctrl+(Related Reports) > type or select Excise – Tax Analysis. Based on the duty rates defined, excise duty and VAT have been calculated.

    Note: If you are on TallyPrime Release 1.1.3 or earlier, follow the step:
    Press Ctrl+I (More Details) > type or select Excise – Tax Analysis. Based on the duty rates defined, excise duty and VAT have been calculated.


  12.  Press Esc. The completed sales transaction appears as below:
  13. Press Enter to save.
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