Debit excise duty
This query is : Resolved
29 December 2012
Dear Sir,
I was purchase 1 machinery of Rs.3,00,000 on 2 years ago that time was duty 8.24% so i am credit duty as per actual 8.24%, now i want sale this machinery, now excise duty is 12.36% so suggest me for making invoice which rate calculate 8.24% or 12.36% & also guide me after depreciation this machinery value approx 2,40,000/- but market price is only 1,50,000/- & i will sell it this amt. so how i can entry it in balance sheet.
Thanking you,
Shakur
I was purchase 1 machinery of Rs.3,00,000 on 2 years ago that time was duty 8.24% so i am credit duty as per actual 8.24%, now i want sale this machinery, now excise duty is 12.36% so suggest me for making invoice which rate calculate 8.24% or 12.36% & also guide me after depreciation this machinery value approx 2,40,000/- but market price is only 1,50,000/- & i will sell it this amt. so how i can entry it in balance sheet.
Thanking you,
Shakur
30 December 2012
First find out the date of machinery put into use. then deduct .25 form the duty received for every quarter till the date of sale. Charge balance duty as excise duty if you are selling machinery as such. If you are selling machinery as Scrap then you have to charge Excise duty @ 12.36%
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