Form 2 part – I & Form 2 part-II
Excise is an inland tax on sales or good produced for sales. Capturing Excise details is one of the most crucial thing for any trading organization as they are statutory by nature. But apart from being legal, it is also one of the most tedious and time consuming tasks for the user to pull together data through them system.
Since it is a very crucial task, the accountant ends up spending lot of time for gathering the data manually from the system for reporting the excise authority, this leads to an error and problems during the final excise reconciliation. Trading Excise is an add-on from Sage Software Solutions Pvt Ltd which seamlessly integrated with Sage 300 ERP, provides the users various reporting options to have the required data in a single click. In our present blog, we will see how Form 2 part I & part II will be useful to track the excise sales against corresponding purchases.
Apart from just capturing excise values in purchase side and its corresponding movement in sales side, there are other things that needs to be taken care of like first stage sales and second stage sales depending on the traders and it can be locally manufactured goods or imported ones and there is lot of information that needs to be captured. Form 2 part-I and Form 2 part-II helps user to track such information in ‘Trading Excise’ for Sage 300 ERP.
Form 2 Part-I :
Form 2 part-I maintains all the information which is done in the sales side i.e. the sales invoices along with the Quantities that are shipped and duties passed on to the customer.
Please refer the screen shot for Form 2 part 1 report contains sales invoices and its details like invoice date, Item code, CETSH no (tariff classification number), Quantity code, Quantity shipped/invoiced, total amount duty pass on.
Form 2 Part-II:
Form 2 Part-II maintains purchase side information which is done through GRN/receipt entries along with Quantities, amount of duty levied on the goods, issues by Registration number/ECC code. Please refer the below screen shot of Form 2 part 2 report.
So with the help of Form 2 part-I and part-II, the user can easily get the excise related data to the excise authority during the reconciliation.
Apart from the excise taxation Sage ERP solutions are also capable of computing GST Tax in India. GST which is likely to be implemented from April 1, 2016 can be easily implemented in Sage Software Solutions. The Goods and Services Tax will eliminate other taxes like Excise, VAT, Octroi, etc. giving way for a common single tax for more growth and transparency.
To know how can Sage Software Solutions implement Trading Excise Module or GST Tax in your company, SMS SAGE to 56767. You can also write a mail to firstname.lastname@example.org for a free demo.