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Excise duty question

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 September 2012 hi,

I want to know about what is excise duty and can you explain which percentage calucate on manufacture firm on product and what is journal entry made.please solve my question
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
21 September 2012 In simple language, excise duty is a duty charged on manufacturing activity. That means, if some company manufactures any product, it has to pay excise duty on it if that product is excisable. Sale of that product is immaterial, duty is charged on manufacture activity itself.
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
21 September 2012 And diff category products are charged diff excise duty, like 12%, 6% or 2%, etc..
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