01 May 2016
Respected Experts! As the Excise duty has been levied on gold Jewellery. What should be the formate of the excise Invoice. Will both the taxes VAT and Excise be charged in the same invoice or seperate invoices will be prepared. Which tax will be charged first; Excise or VAT. What details to be marked in the invoice? Please guide....
05 June 2016
yes both tax may apply because excise is charged by central govt while vat is charged by state government. First excise shall be calculated on transaction value then vat would be calculated on value including excise component. It would be better to have advise from local consultant to get proper invoice format and applicability of excise.
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