Excise duty
This query is : Resolved
19 September 2012
Hi,
I have a doubt regarding the accounting for excise duty, Let us say the company had gross revenues of 100cr and 10cr as excise duty, net revenues =90cr and the company offers credit period of 60 days to its buyers. So the total debtors outstanding will be INR16.66cr (100*60/360). Now will the company book the entire 16.66cr as debtors or 15cr (90*60/360) in debtors and the excise duty component of 1.66cr as part of loans and advances? Generally how much time do companies have to submit the excise duty to the excise department?
I have a doubt regarding the accounting for excise duty, Let us say the company had gross revenues of 100cr and 10cr as excise duty, net revenues =90cr and the company offers credit period of 60 days to its buyers. So the total debtors outstanding will be INR16.66cr (100*60/360). Now will the company book the entire 16.66cr as debtors or 15cr (90*60/360) in debtors and the excise duty component of 1.66cr as part of loans and advances? Generally how much time do companies have to submit the excise duty to the excise department?
19 September 2012
Dear Vivek,
1. Debtor shall be shown with gross value. not net of Excise duty.
2. Normally, companies are required to pay excise duty on monthly basis, normally 6th day of the next month for the clearance made during the month.
1. Debtor shall be shown with gross value. not net of Excise duty.
2. Normally, companies are required to pay excise duty on monthly basis, normally 6th day of the next month for the clearance made during the month.
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