EXCISE DUTY
Excise duty is a tax on goods produced or manufactured in
India and intended home consumption. Home consumption means goods sale in
India.
Excise duty is chargeable at the time of removable.
Rate of
excise duty:
1) Basic Excise Duty: - Rate
16% (on assessable value).
2) Educational Cess: - Rate 2%
(on excise duty).
3) Secondary Educational Cess: - Rate 1%
(on excise duty).
Excise Valuation
Method:-
At the time
of production:-
1. Adquantum method: - Excise
duty is payable on the basis of certain unit like weight, length etc.
At the time
of removable:-
2. Advalorem method:- It consists
following facts:
I.
The goods sold at the time and place of removable.
II.
Buyer should not be related with any other country.
At the time
of light quantity (low quantity):-
3. MRP: - It means
maximum retail price on which the exciseable goods are sold to the consumer.
Working steps:-
Create a company and then activate Excise Duty as follow:
To Activate
Excise Duty: - G.O.T. (Gateway of Tally)--> Press F11 (Company
Features)--> Press F3
(Statutory & Taxation).
And then create ledger:
Path for
ledger creation: - G.O.T. (Gateway of Tally)--> Accounts Info--> Ledger--> Create (Single).
Create voucher types as follow:-
Path for
voucher types creation: - G.O.T. (Gateway of Tally)--> Inventory Info--> Voucher Types--> Create (Single).
And then create tariff classification:-
Path for Tariff
Classification creation (international identity of goods):- G.O.T.
(Gateway of Tally)--> Inventory
Info--> Tariff Classification--> Create.
Now create stock master as follow:-
To create
stock group: - G.O.T. (Gateway of Tally)--> Inventory Info--> Stock Group--> Create (Single).
To create
stock item: - G.O.T. (Gateway of Tally)--> Inventory
Info--> Stock Item--> Create (Single).
Here, first create grombar stock item:
Now create steel sheet stock item:
And then create hot rolled beam stock item:
Now do voucher entry:-
Path for
voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F9 (Purchase Voucher)--> Excise Purchase.
Press F8 to open Sales Voucher.
See the report:-
Path for
view Excise report: - G.O.T. (Gateway of Tally)--> Display--> Statutory Report--> Excise Report--> Manufacturer--> Excise Computation.
Now do Payment Voucher entry:-
Path for
voucher creation: - G.O.T. (Gateway of Tally)--> Accounting Voucher--> Press F5 (Payment Voucher)--> Press F12 (Configuration).
All the payment have been made.
