hi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 January 2011 how input tax credit will be claimed.

1st Buyer bought the material for 100 and has excise duty of 10 rs and other cess 3 rs total cost of the material is 113 and the same thing he sold it for 130rs basic cost.how he has to prepare the invoice to the second party.

Anand Agarwal

Anand Agarwal (Expert)
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02 February 2011 Charge basic excise on 130 @ 10% and Cess @3% on excsie value.

Net Taxable amount 130
Add: Excise @ 10% 13
Add: Edu Cess@ 2% 0.26
Add: Sec and Higher Edu Cess@ 1% 0.13
Total 143.39