Plz rep,
Central Excise levied at the tym of production but payable at the time of removal of goods.
Now my query is that the company used to pay the excise at the time of sale, it has sold 70000units and paid the duty and produced 80000units of a product, but had not made any provision in regards to duty payable on closing stock of 10000units.
is it mandatory to make provision for these units, or is it ok to pay duty at the time of removal and no need to make provision for the same.
Plz rep asap...
Thanks in anticipation.
CAclubindia
