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
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