Creating Ledgers for Excise Duty in Tally ERP 9
The Ledgers for Excise Duty are used to Account the Excise Duty.
Go to Gateway of Tally > Accounts Info > Ledgers > Create
1. Select Duties & Taxes from the List of Groups
2. Select Excise for Type of Duty/Tax
3. Select the appropriate Duty Head from the list
3. Set Inventory values are affected to Yes
4. Enter the Percentage of Calculation
6. Select the Method of Calculation from the Type of Duty list
Similarly, you can create Ledger Masters for different Rates of Excise Duties.
Methods of Excise Accounting
The user can use any of the following two methods to account Excise Duty in Tally
1. On the Total Cost Basic Rate
Assessable Value + Taxes = Cost of the Item
The sum of the Total Assessable Value and the Excise Duty will form a part of the Cost of the Item
Eg. Stock Item A costs Rs. 50/ unit
100 nos of Stock Item A Total Cost Rs. 5000(@ Rs. 50/unit)
Excise Duty@16% Rs. 800/-
Education Cess@2% Rs. 16/-
Secondary Education Cess @ 1% Rs. 8/-
The Total Amount Rs. 5824/-
The Total Purchase Cost/unit Rs. 5824/100= 58.24
Note: The Excise Duty paid by the dealer becomes the cost for the dealer.
2. Appropriation by Quantity or Value
Eg. Stock Item A cost Rs. 50/unit
100 nos of Stock Item A Total Cost Rs. 5000
Excise Duty@16% Rs. 800/-
Education Cess@2% Rs. 16/-
Secondary Education Cess @ 1% Rs. 8/-
The basic Rate of the Stock Item is retained and the details of the Excise Duty are shown using the duty ledgers created under the purchase account. The appropriation is done by Tally and the duty against is added to the cost of the material.
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