Accounting of excise duty

As per valuation rules, any duties paid shall be included while valuing the product if it is not refundable.

Accordingly the grouping taken in P n L is correct but it shall be grouped under Duties and taxes while accounting it in balance sheet.

Thanks for you answer, but why excise duty should come under P&L A/c. It is neither profit nor loss

It think should come only under the Liabilities side if it payable otherwise in Balance sheet if actual paid is more than the payable.

You are most welcome for comments on the above.

Pm`d "U"