Entry in books of first stage dealer
This query is : Resolved
24 August 2013
Can First stage dealer book Excise duty Paid as Assets on Purchase of Excisable Goods.
What will be the Entry in his Books on Purchase and sale?
How the Valuation of Closing Stock will be done?
What will be the Entry in his Books on Purchase and sale?
How the Valuation of Closing Stock will be done?
24 August 2013
Yes, Dealer can book as an asset if they have purchase the capital goods with excise duty paid. Dealer can not utilise the credit.
24 August 2013
Not CApital Goods. I am asking about the excise duty to be passed on.
24 August 2013
Yes, you can pass the excise duty if not passed then duty will be add in the assessable value.
24 August 2013
All cost relating to the assets, including Excise duty, will be capitalised.
But dealer is not eligible to claim cenvat on Excise Duty paid on Asset, as per rule 3 of Cenval Credit rules 2004.
But dealer is not eligible to claim cenvat on Excise Duty paid on Asset, as per rule 3 of Cenval Credit rules 2004.
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