Untransferred excise duty

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Ramesha.M (Querist)

10 August 2013 Dear sir,

where to shown untransferred excise duty. in the end of accounting period current liabilties balance shown debit balance please solve anybody my query

Thanking you

Madhukar N Hiregange

Madhukar N Hiregange (Expert)

12 August 2013 If you are asking on unutilised duty credits they would be disclosed in the current assets.

the entry for sale is XYZ customer a/c dr to sales 100 cr + ced 12.36 cr,

Once you pay the CED the entry wouldbe 12.36 dr to bank cr 12.36. Account should close out.

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Ramesha.M

Ramesha.M (Querist)

12 August 2013 Dear sir,

ours is the first stage excise delarer accounting (with inventory) for the year ended 31.3.2013. we transfer all excess of vat input credit to vat refundable account but excise duty (closing stock part)i.e untransferred or unutilised input excise duties where to shown or how to accounting

thanking you your valuable immediate response for above query please understand my query sir as per first stage excise dealer it is pending for final accounts

Best Regards
Ramesha.m

Ramesha.M

Ramesha.M (Querist)

12 August 2013 Thanks for your valuable information

Madhukar N Hiregange

Madhukar N Hiregange (Expert)

12 August 2013 If you are a dealer then the credit is not available to you. Only manufcturers or service providers are eligible for credit.
You are only passing on the credit. Therefore the CED need not be shown separately.

Ramesha.M

Ramesha.M (Querist)

14 August 2013 Dear sir,

Excise with cess in which head whether duties & taxes or not please as per first stage dealer accounts

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