Excise Duty Rate Entry in Stock item

As Excise Duty is charged on manufacture of goods, you have to mention the rate of duty while creating the stock item on which Excise Duty is applicable.
Go to Stock item Creation screen i.e. Gateway of Tally -> Inventory Info ->Stock Item -> Create. Set the option Excise Details to 'Yes'. The following details have to be entered in the screen:

Tariff classification : Here enter Tariff classification of the stock item. The Excise Duty authorities provide this code number for the concerned excisable stock.

Type of Duty : Here select the Duty from the list provided.

Rate of Duty : Here enter the rate of Duty applicable for the stock item .

Method of Calculation : Here select the appropriate method of calculation.