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Vat and exiceduty

Eswar Reddy S (CFO- at NHTF) (58270 Points)

20 August 2014

Dear All, How to pass the entry for sale when the excise duty charged ? Goods manufactured +Exciseduty .On the total local VAT charged. If I consider the Exciseduty as liability , Iam not able to match the p&l a/c sales with VAT return. Please help me.

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3 Replies

saurabh shahu (Audit Assistant) (142 Points)
Replied 28 August 2014

Eswar Reddy....

while filing of Vat Return you should include Excise duty amount in Sales Turnover and Charged Vat on Gross Amount.........i.e.... Sales+Excise duty............

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 28 August 2014

No ,Iam asking the same in tallyerp9. Exiceduty is going to liabily and not adding to sale.If I clasify under sales ,after making the payment practical problem will come.

saurabh shahu (Audit Assistant) (142 Points)
Replied 29 August 2014

Eshwar Reddy.......

In Tally Erp Entry Posting No Solution for that............because Excise duty is a Tax which comes under Duties & Taxes and Vat Also come Duties & Taxes. it is a Seller Liability. when you Calculate Vat you have to Club Excise duty amount in Sales Turnover then Calculate Vat.