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What the Budget did ?

Notification 2/2008 - CE Dated 1^st March 2008. CenVAT rate reduced from 16 % to 14 % with effect from 1^st March 2008.

Tips for Existing Users of Excise invoicing

• Create a new sales invoice class with the modified excise tax rates
  
• Create new tax ledgers for Basic Excise Duty 14%, Educational cess @ 14%, and HSC cess @ 14%. As You would require to keep separate ledger accounts. Avoid modifying existing excise accounts.
  
• You can carry forward you existing ledger balances from existing 16 % accounts to these accounts by passing a Journal Entry.
  
• If you are using sales order processing, then do not edit the current sales order. Create a new sales order (Since excise duty has changed your customers will be issuing you with fresh amended purchase orders). Use these new sales orders for generating sales invoices.
  
• Similar is the situation if you are using purchase order processing , do not modify existing purchase orders but create new purchase orders for all open purchase orders with excise component in it.
  

Tips for New users who want to use Tally's invoicing for generating Excise invoices

• Create the Tax ledgers under duties and taxes – Type of Duty = excise.
• Create a sales invoice class.
• Generate the invoice.
• Please download a complete guide to implementing excise for manufacturers in Tally from Excise Accounting
• OR refer to Tally's help on statutory compliance
  HURRY! Existing Tally 6.3 and Tally 7.2 customers, migrate to Tally 9. NOW!
  Full fledged module for excise for manufacturers coming soon on Tally 9 platform.