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provision of excise duty on closing stock

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(Querist)
17 June 2008 please advise whether provision of excise duty on closing stock would be made on sales value or the cost of the product
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PC-www.bharadwajinstitute.com

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PC-www.bharadwajinstitute.com (Expert)
19 June 2008 Excise duty is always calculated on Cost of Manufacture and not on the selling price.

Excise duty is payable not on the point of sale but on the point of production.

Therefore Cost of Manufacture is the appropriate.
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YOGESH GUPTA

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YOGESH GUPTA (Querist)
19 June 2008 excise duty is calculated on transaction value not on cost of manufacure. whether for provisioning as on 31st march the same would be calculated on cost or transaction value
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