Accounts & tax
This query is : Resolved
30 October 2014
Co. is selling boxes to parties throughout the month with incentive scheme.If any party purchases more than specified no. of boxes, then eligible for free boxes as incentive. The product was liable to EXCISE & CST under normal sale. My query, Now how will co. remove these free gifts (boxes) to party and how will make out Delivery order, Packing slip and sale entries in the system. What legal & accounting issues are there and how will resolve them? Please help.
12 November 2014
Even though boxes are removed as free gifts to Party, excise duty is applicable.
1) Pay excise duty/debit to cenvat.
2) Accounting entry required to be passed for duty payment.
1) Pay excise duty/debit to cenvat.
2) Accounting entry required to be passed for duty payment.
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