Excise duty should be part of purchase cost or not?
This query is : Resolved
20 March 2013
Excise Duty should be part of purchase cost or not?
1. Should I add excise duty in purchase cost and purhcase account should be debited with (goods value + excise duty)
OR
Should I Debit purchase account with purhcase value and Excise Duty Account with excise Duty Value?
2. In what conditions, Should I keep seperate and in what conditions, should I add excise duty value in purchase account?
1. Should I add excise duty in purchase cost and purhcase account should be debited with (goods value + excise duty)
OR
Should I Debit purchase account with purhcase value and Excise Duty Account with excise Duty Value?
2. In what conditions, Should I keep seperate and in what conditions, should I add excise duty value in purchase account?
20 March 2013
if Excise duty on purchases is cenvatable and that can be adjusted your output duties, then need to be accounted separately, not to added to purchase account
if the excise duty not cenvatable and cannot adjust with output duties, then you can add to the purchase cost
if the excise duty not cenvatable and cannot adjust with output duties, then you can add to the purchase cost
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Transporter Declaration form
- Copyright software
- Regarding TDS Applicability For Director Remuneration
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
