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Excise duty

radha (nil) (198 Points)

09 January 2012

Can anybody advise me how to treat excise duty in this case:

Sales made and excise duty also paid..but later sale prices were reduced so issued credit note..so how to treat excise duty already paid..wil it b included or not?

Its really urgent..Thks in advance

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11 Replies

Keval Ponkiya (CA CS MBA(Fin.) M.Com. L.L.B.) (223 Points)
Replied 09 January 2012

Simple he RADHA ,

You can get the credit of excise (extra paid) in next month.

1 Like

MUKESH PAREEK (service) (64 Points)
Replied 09 January 2012

You can issued credit note and give credit to your customer on calculation of basic price.

You can't issue credit note with excise amount becoz central excise credit not available on

credit note.

1 Like

Mallikharjun (Deputy Manager) (304 Points)
Replied 09 January 2012

you need to apply for refund provided your customer has not taken credit in full.

1 Like

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 09 January 2012

under SRP system, assessable value is determined as final by the assesee and duty is paid on assessable value, any discount offered should be considered before entering assesable value,

once duty is paid on assessable value, same is not refundable

however if duty is paid "provisionaly" then adjustment is possible, but for that you have to intimate the Range Superintendent before making such clearance.

3 Like

Neeraj Singh (Executive Account) (94 Points)
Replied 10 January 2012

you can't take refun in this case, i agree with u.s sharma ji....

if you have sale retrun then you can take credit ....

practically if you want' to take credit on this goods you have to show the bill cancel enter d3 register fill the all formalties and issue new bill.

if you don't want to loss excise duty...

1 Like

CA. Vikas Maheshwari (Profession) (45 Points)
Replied 10 January 2012

Assessable value is to be determined at the time and place of removal. If you are reducing price of goods late than it is a normal business discount for which credit not is to issued. If at the time of removal duty is to be charged provisionally than it should be inform to competent authority in excise department. If the assessment is provisional than final duty payable/Refundable is to be ascertained at the time of final assessment..

Its my views