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Treatment of Excise Duty in the profit and loss a/c.

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(Querist)
24 October 2008 Hi

How the excise duty on stock in trade/finished goods are to be treated in the p&l account compare to excise duty paid on sale of goods (since companies reporting in two different places i.e below gross sales and under expenditure side in the Annual Report).

should be considered under stock adjustments or under expenditure side or should be included with excise duty paid on sale of goods.

Kindly clarify

Thanks & Regards
N Nagarajan
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
31 October 2008 In my opinion Vattable duties are out side the purview of P & L account.
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