invoice format for excise & how excise tax works
This query is : Resolved
08 May 2010
mr.x has newly registered with central excise(mumbai).
1.if any one can help with the Excise invoice format. (if mr. x purchases from A & sales to B. or if he himself manufactures and sells.)
2. how the excise accounting & taxation working is done.
for eg. in MVAT we consider inpur vat & output vat, adjust the setoff available and pay & claim any balance payable or refundable.
would be very thankfull, if any one can explain in detail.
1.if any one can help with the Excise invoice format. (if mr. x purchases from A & sales to B. or if he himself manufactures and sells.)
2. how the excise accounting & taxation working is done.
for eg. in MVAT we consider inpur vat & output vat, adjust the setoff available and pay & claim any balance payable or refundable.
would be very thankfull, if any one can explain in detail.
08 May 2010
Taxable event in the excise is the manufacturing the goods. if you are purchasing the raw materials from the supplier based on that materials you are manufacturng the new product for the manufacuring you need to pay excise duty against the excise duty payable you can adjust the excise duty paid on raw material purchase and simply purchase from other person and selling the same product to any other person is called trading activity which will not cover under excise. Incase you are registered as 1st stage or 2nd stage dealer ( which you are purchasing the good directly from the manufacturers factory you can charge the excise duty and sell the goods against the excise duty you can adjust the excise duty paid to the manufacturers and accounting and taxation same as like VAT only (Output- Input= excise duty payable)
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