Export under rule 18
This query is : Resolved
CA Sanjana arora
(Querist)
22 June 2013
we have exported some items and paid excise duty on them under rebate claim..so what should be the accounting treatment of excise duty paid can i use it as cenvat credit or not.
CA Abhishek Malpani
(Expert)
22 June 2013
As you will avail the rebate, you can not take the cenvat credit for the same.
Accounting treatment:
1. At the time of export:
Party A/c....Dr
To Sales
To Excise duty
2. Transfer excise duty to excise duty receivable under rebate
Excise duty receivable under rebate A/c..Dr
To Excise duty
2. At the time of rebate received from the department
Bank A/c...Dr
To Excise duty receivable under rebate
Accounting treatment:
1. At the time of export:
Party A/c....Dr
To Sales
To Excise duty
2. Transfer excise duty to excise duty receivable under rebate
Excise duty receivable under rebate A/c..Dr
To Excise duty
2. At the time of rebate received from the department
Bank A/c...Dr
To Excise duty receivable under rebate
CA Sanjana arora
(Querist)
22 June 2013
thanks a lot.......
CA Sanjana arora
(Querist)
22 June 2013
i have a query that how can i debit the party with excise duty amount because party is not liable to it..it is refundable by deptt.
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