Excise provision
This query is : Resolved
sharat kashyap
(Querist)
08 July 2010
Hello, i am doing the audit of the company where there is a policy of providing for the income on Loan License production depending on the stage of completion like under filling stage 40%, Packing stage 75% etc. Is it necessary for providing excise duty on such income.???
If it is necessary, then do i need to provide on full income or proportionate income.
If it is necessary, then do i need to provide on full income or proportionate income.
Madhukar N Hiregange
(Expert)
11 July 2010
Duty of excise is on activity of manufacture being completed and is fastened on removal and not on amounts of advance recived.
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