Additional Consideration
This query is : Resolved
Sanjay Sharma
(Querist)
10 June 2008
Central Sales Tax collected at the rate of 4 % but paid only 2 % and showing it (rest of the 2% ) in the books of accounts as "Other Receipts".
My Question is -
1. Is it a case of Additional consideration in terms of the Excise Valuation Rules ?
2. Is Excise duty paybale on the amounts showing as "Other Receipts" in the books of accounts.
Pls explain/ clerify.
Regards
Sanjay Sharma
My Question is -
1. Is it a case of Additional consideration in terms of the Excise Valuation Rules ?
2. Is Excise duty paybale on the amounts showing as "Other Receipts" in the books of accounts.
Pls explain/ clerify.
Regards
Sanjay Sharma
U S Sharma
(Expert)
15 May 2011
its additional sum deposited for security of C form, in case the c form is received by the seller from buyer in accouting year, the said amount would be refunded to buyer, but in case the c form is not received, the said amount would be paid to sales tax office,
this amount is security deposit against C form.
this amount is security deposit against C form.
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