Rate for excise duty on closing stock

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Saurabh Bansal (Querist)
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07 June 2012 Plz any one tell me that at the time of making the provision of excise duty on closing stock what rate will be considered in FY 2011-12. i.e. 10.33% or 12.36% on full stock or part stock

Saurabh
CA Final student

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 June 2012 Provision will be created @ 12.36% because duty on clearance of such stock shall be payable at the rate of 12.36%.

The provision shall be calculated on the full value of stock.

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