What is excise duty in Tally ERP 9?

In Tally. ERP 9 you can account for excise and calculate VAT by including the excise amount. You have to enable excise for stock items and ledgers to be able to calculate excise in transactions. To account for excise, a separate ledger has to be created by selecting Excise as the Type of ledger.

How to enable Excise duty in Tally erp 9?

Enable the Dealer Excise feature

1. Go to Gateway of Tally > F11: Features > Statutory and Taxation .
2. In the Company Operations Alteration screen, set Enable Excise to Yes .
3. Enable the option Set/alter Excise details .
4. Select Dealer as the Registration type.
5. Enter ECC number.

How is excise duty treated in financial statement?

(i) Excise duty should be considered as a manufacturing expense and like other manufacturing expenses be considered as an element of cost for inventory valuation.

How can add list of duties and taxes in Tally?

Creating Duty Ledgers (Excise for Manufacturer)

1. Go to Gateway of Tally > Accounts Info. >
2. Enter the Name of the duty ledger.
3. Select Duties and Taxes from the List of Groups in the field Under .
4. Select the Type of duty/tax .
5. Select the required Duty Head from the List of Duty Heads .

Is excise duty applicable after GST?

After GST was introduced, excise duty was replaced by central GST because excise was levied by the central government. The revenue generated from CGST goes to the central government.

How can take excise report in Tally explain with step?

Go to Gateway of Tally > Display > Statutory Reports > Excise Reports > Tax Rate Setup . 2. Click F1 : Detailed ….

1. Select Duty Head .
2. Select the Valuation Type .
3. Enter Rate% .
4. Enter Notification No.
5. Enter Notification Serial No.
6. Press Ctrl+A to save.

How can I enter IEC code in Tally prime?

Recording Importer Exporter Code (IEC)

1. Press F12 (Configure) from the Excise Registration Details screen.
2. Set the option Enable IEC Number to Yes.
3. Press Ctrl+A to save the configuration.
4. Enter the IEC number in the Additional Excise Details section of the Excise Registration Details screen.

Why excise duty is a direct expense?

Excise duty is a kind of indirect tax charged on the sale of certain products. The customer does not pay excise duty directly to the authorities, but it is added to the cost of the product by the producer or merchant and then passed on to the consumer by way of increased price.

What is name of duty ledger?

List of different ledgers and their groups

Who is liable to pay excise?

6. Who is liable to pay Excise Duty? Ans: The manufacturer or the producer of goods is liable to pay Excise Duty.

What is the difference between excise duty and GST?

Excise duty is levied on the manufacture of goods and levied at the time of removal of goods. While GST will be levied on the supply of goods and services. In GST, Excise duty’s place has been taken by Central GST as excise is levied by Central Government and revenue from CGST will also be of Central government.

What is the accounting treatment of excise duty in tally ERP 9?

To study the accounting treatment of excise duty in Tally.ERP 9 is useful for manufacturers and dealers. All they have to pay net excise duty to Govt. account. They have to calculate excise duty on purchase and sale.

How to pass payment entries in tally erp9 accounting voucher?

Let’s take an example to learn about passing payment entries in Tally ERP9 Accounting Voucher -> Select Date -> Select Type of Entry -> Select Payment Voucher Put payment to………… (Select Party Name,,to Create—Alt C) F12 Configure -> Put Single Entry No -> Put Debit Credit Yes -> Enter Enter or Ctrl A

What is excise for maunfacturer in tally?

Excise for Maunfacturer in Tally.ERP 9 © Tally Solutions Pvt. Ltd. All Rights Reserved 2. Excise Duty • Excise Duty or Duty on Excise is a tax on goods manufactured or produced in India and intended for domestic consumption i.e. sale in India.

How good is tally ERP in Kerala?

His 24 hours online support and training as well as setting up and maintenance is highly commendable. I would highly recommend Tally ERP to any business and especially… Kerala. Kerala. “We are in the Health Care Industry in Kerala and have been a Tally ERP user and have been a Tally ERP user For the last 3 years.