Trading Excise for Sage Accpac ERP
Excise Taxes reporting in a trading organization is one of the most crucial and time consuming tasks and a nightmare for the accountants and management. Small and Medium businesses spend days and months in manual data management and collection for reporting to Excise Tax authority and still end up having problems and issues at the final reconciliation.
Out of the unlimited taxes levied upon various industries, Excise duty is one more tax applicable on all the goods produced or manufactured here in India. Hence we have Excise duty applicable for traders as well as manufacturers. Every person who manufactures,produces, carries on trade, holds warehouses for excisable goods shall have to obtain registration under the excise laws. No excisable goods may be removed from the factory or a warehouse except under an invoice signed by the owner of the factory or his authorized agent.
The main objective of the central Government is to achieve different socio-economic policies by making suitable adjustments regarding the scope, nature, and quantum of levy of the Central Excise Tax. Such schemes of the Excise Tax taken by the central government modifies and serves various purposes of price control, adequate supply of essential commodities, promotion of small scale industries and industrial growth.
There are three different types of Central Excise Tax applicable mainly the Basic Excise Duty,Additional Duty of Excise and Special Excise Duty which fall under various Sections of the law. Various trade commodities are issued it these taxes depending on the predetermined government format. Also we have an excise tax that is levied on the service industry. Formerly called the Central Excise Duty, this tax is now known as the Central Value Added Tax (CENVAT).Manufacturers may offset duty paid on materials used in the manufacturing process by using that duty as a credit against excise tax through a process known as Central Value Added Tax Credit (CENVAT Credit). The offsetting processwas formerly known as Modified Value Added Tax (MODVAT).
Statutory and Excise Module for Sage Accpac ERP provides small and medium trading enterprises a seamless way to input information, furnish returns and maintain mandatory registers as required by Indian Tax authorities while making sure that the workflow, inventory valuation, financial reporting and operational modules data integrity is maintained in Sage Accpac ERP.
Maintain Information:
* Standard registration and statutory information like PAN, ECC, CE Reg No., VAT, Central Sales Tax No., RG32
Numbering methods
* Maintain Excisable and Non Excisable Locations/Warehouses
* Maintain 20+ Excise specific Customer Information like CE Commiserate, CE Registration Number, ECC, PAN
* Maintain 30+ Vendor Information like CE details,Division Details, PAN details, Range Details
* Maintain 20+ Item Details for Excisable Items like Tariff Class, Price, Item Type
* Receive Excise Goods and Calculate Excise Tax from Purchase Order Entry of Sage Accpac ER with Vendor
Information and Assessable Amount
* Return Excise Goods from PO Return Entry Screenand reconcile Excise Taxes accordingly Ship Excisable Goods and
Calculate Tax against the assessable amount against the respective Receipt
* Maintain business logic and GAAP principles in all transactions Details
* Maintain 20+ Item Details for Excisable Items like Tariff Class, Price, Item Type