Dear Experts,
I have already posted this query but no reply for this, thats why i am again posting this query. Help me...Its very urgent...
1) How i have to calculate Excise Duty liability for a company?
2) What is the entry for recognizing the excise duty ?
3) what is the entry when it is passed on to the buyer?
The above queries given with an example:
Purchases---> Raw Material A Raw Material B
Base Price for A 1000 B 1200
Excise Duty for A80 B 96
VAT for A 43.2 B 51.84
Total for A 1123 B 1348
(rounded off to the nearest rupee)
Now after finishing the manufacturing process, the Company makes a Sale As per the Valuation Rules it is Rs.4500.

Sales ---> Finished Goods C
Base Price 4500
Excise 450
VAT 198
Total 5148
(rounded off to the nearest rupee)

Payment made to PLA Rs.300 so that he can remove the goods without any problem. Also give entry to the above.
Thanks for everyone who replied for this.
With regards,
Rajesh.

can we use the 100% cenvat credit on capital goods?

A partnership firm is intending to purchase raw materials from Maharashtra, manufacture and export the finished product of metal sheets such as AC parts, heating equipments parts, etc.

Whether SSI exemption of Rs.1.5 crore turnover is applicable to an exporter bec i hv heard from my friends that customs dept ask for the same. If yes, pl let me know the form of registration?

my email id is get2amin@rediffmail.com
Regards
Amin Keshwani

If at the time of manufacture goods were excisable but before removal goods became NON EXICISABLE.Whether duty will b payable and if yes what will b the rate of duty? Eg Date of manufacture- 14%
Date of removal- goods not mentioned in CETA?

Dear sir,

We are manufacturing Bakelite Handles for various industries. To some manufacturers we are suppling Bakelite handles with logo For ex PRESTIGE , We are suppling these handles to the original equipment manufacturer and he is using these handles in making his pressure cooker. we are not suppling these handles in the market to any traders. We are also manufacturing handles for other cooker and cookware manufacturers with out any Logo. Our sales are less then 1.5 crores . Now the querry is are we required to get our self covered under excise or is their any Liability of ours to deposit any excise.We are ssi unit isn't we are eligible for SSI exemption

Regards

Vinay Gupta

Dear sir,

We are manufacturing Bakelite Handles for various industries. To some manufacturers we are suppling Bakelite handles with logo For ex PRESTIGE , We are suppling these handles to the original equipment manufacturer and he is using these handles in making his pressure cooker. we are not suppling these handles in the market to any traders. We are also manufacturing handles for other cooker and cookware manufacturers with out any Logo. Our sales are less then 1.5 crores . Now the querry is are we required to get our self covered under excise or is their any Liability of ours to deposit any excise.

Regards

Vinay Gupta

Dear Friends

We are liable to excise duty
We take credit of service tax in payment of excise duty.
Now the question when we may take credit if
a. we make part payment to a party which cover full amount of service tax.
b. On freight – as the date of payment would be next monts.

when input & input sevice is commonly used for exempted produt & non exempt product, then in which praportion we should reverse the credit, when breakup of input & input service used for exempted & non exempted product is not available. How it is done practically.

sir whts the difference between FINE N PENALTY cn u explain me in a simple example

We have entered into a contract with our client, wherein the contract is divided into two parts namely supply and service parts.

Under supply part we have to procure structure steel and reinforcement steel and supply it to our client. In the service part we have to fabricate and erect the material which was supplied by us earlier. Once the material is erected it becomes immoveable.

We would like to know whether excise duty or levy is applicable on the supply portion of our contract and if yes, then what should be the amount on which we should we pay excise duty, should it be only the prices we are charging our client for supply part or we should also add the amount of service part to it.