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Former Member
Mar 04, 2011 at 08:31 AM

Excise duty actuals


Hi experts

Excise duty actual

While creating PO tax code selected as exise duty actuals

Ex: Quantity 15000 Price Rs.25 per unit (this price including excise duty)

VAT 4%

While booking MIGO the following entries are updating manually (Excise duty)

Basic price : 125000 (GR/IR credit)

BED 10 % : 9250

ECS 2 % : 185

SEcess 1%: 93

While booking the MIRO the following entries are updating

Vendoru2026. Cr 1,40,043.00

GR/IR clearing a/c Dr 1,25,000.00

CENVAT clearing a/c Dr Rs 9,250.00

CENVAT clearing a/c Dr Rs.185.00

CENVAT clearing a/c Dr Rs.93.00

VAT Purchase Dr.5515.00 ( as per invoice VAT 4% should be Rs.5,381.00)

System is wrongly calculating VAT 4%

Please let me know what could be the solution