Hi please help me to make the configuration
We want a configuration of excise duty payable on stock transfer.
There are two GL accounts that has been created for this configuration.
ED paid on stock transfer 54100231
ED collected on stock transfer 54100221
there are two entries in the system when stock is transferring from 1000 to 1600 plant. Now in the proposed situation there will be three entries in the system.
which is as follows.
S.No. | OLD Configuration | NEW Configuration | ||
| Amount | Amount | ||
1 | ED Paid DR | 12.5* | ED Paid ON STOCK TRANSFER DR | 12.5* |
| To ED Payble | 12.5* | To ED Payble | 12.5* |
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2 | Stock (1600) Dr. | Book value of Stock | Stock (1600) Dr. | Book value of Stock |
| To Stock (1000) | Book value of Stock | To Stock (1000) | Book value of Stock |
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3 | Stock (1600) Dr. | 12.5* | ||
| To ED collected on stock transfer | 12.5* | ||
| * Assessable value is Rs. 100 | ||||
| * Excise duty 12.5% | ||||
| Reconciliation of excise duty between Excise return and SAP | ||||
S.No. | Particulars | Excise return | Excise duty collected | SAP (ED) |
1 | Domestic excisable sales | ED Paid | ED collected | ED paid |
2 | Stock transfer | ED Paid | ED collected on stock transfer | ED paid on stock transfer |
3 | EOU,SEZ,CT-1, CT-3, MNRE | -- | -- | -- |
4 | Export sales | ED Paid | -- | Excise Claim Rec. |