Export under rule 18
This query is : Resolved
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.
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
22 June 2013
thanks a lot.......
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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