As 9
This query is : Resolved
21 June 2013
Dear sirs,
Query related to disclosures of Excise duty collected on sales:-
The company has tow operations.
1- Manufacturing products by imported raw materials.
2- Sales of imported raw materials.
on case 2, the comapany has collecting Modvat from the customers( Proportionate of Import duties paid by the company)
How to disclose this Modvat collected?
Is it to be disclosed by adding sales a/c alike cenvat?
Query related to disclosures of Excise duty collected on sales:-
The company has tow operations.
1- Manufacturing products by imported raw materials.
2- Sales of imported raw materials.
on case 2, the comapany has collecting Modvat from the customers( Proportionate of Import duties paid by the company)
How to disclose this Modvat collected?
Is it to be disclosed by adding sales a/c alike cenvat?
21 June 2013
at present as per co. Law exise duty on sale not required to clubb in sale amount.
and in trading you have to maintain cenvat a/c when you take credit
then cenvat bal in increase and
when you sale goods then cenvat amount on sold goods reduce in cenvat a/c
and in trading you have to maintain cenvat a/c when you take credit
then cenvat bal in increase and
when you sale goods then cenvat amount on sold goods reduce in cenvat a/c
Message likes :
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21 June 2013
Thank you sir,
Am I conclude your opinion,
The company should disclose the turnover from sales of manufactured goods on following ways;
Gross turnover XXXX
Less: Cenvat collected XX
_____
Net turnover XXX
======
And the company has to disclose the Net turnover( With out modvat) from sales of raw material noted in point no.2 of formal query.
Am I right sir?
Am I conclude your opinion,
The company should disclose the turnover from sales of manufactured goods on following ways;
Gross turnover XXXX
Less: Cenvat collected XX
_____
Net turnover XXX
======
And the company has to disclose the Net turnover( With out modvat) from sales of raw material noted in point no.2 of formal query.
Am I right sir?
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