Excise amt.incuded in purchase or not.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2012
we have mfg business,but we are not liable for excise bt raw material which we purchase that suppliers r liable for excise thats y they raise the invoices with excise bt we not take such amt in purchase we treat it under exps.(e.g.we prepare a ledger excise duty 10%-under exps. in tally)is this right way of accounting if wrong give me solution.
C.A Anshul Singhal
(Expert)
11 July 2012
excise duty should included in purchase value .
CA Lokesh Pokharna
(Expert)
11 July 2012
in your case excise duty not receivable for you, hence you need to treat it in purchase...dont make seprate ledger for excise duty, its not required.
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