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AS 2

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(Querist)
09 April 2010 As per AS 2 exclusively says that excise duty is to be included for ascertaining the cost of inventory. However it also says that refundable duties are to be reduced from cost...
How the two is possible..?
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kartik_somu

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kartik_somu (Expert)
17 April 2010 As per AS - 2, taxes and duties have to be included, however if credit can be claimed, then they need not included.

in other words, only those amounts which are not entitled to credit shall form part of cost of inventory
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