calculate assessable value:
cum duty whole sale price : 15000
primary packing charges : 800
durable and returnable packing charges : 580
excise duty : 14%
sec n higher educat cess together : 3%
solution: (15000-580)*100/114.42
=10,000.
this is how it is done in many books.
my doubt here is why are we deducting the durable n returnable charges from cum duty price....we shud first convert the cum duty price to ex duty n then deduct right....we are supposed to adjust the excludable items to transaction value to arrive at correct A.V...then on it excise duty????
CAclubindia
