Dear friends
Please provide the excise duty calculation as stated below:
assessible value : 100, edu duty:10%,education cess:2% & S&H: 1%
What is the taxable amount & pls provide the reverse calculation also.
Thx in advance.
Best Regards
malarvannan.d
Excise duty is not related to cost price, its charged on transaction or assessable value.
for assessable value of 100
Cenvat .10% 10.00
E Cess 2%.....0.20
S&HEC1%......0.10
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Total ...............10.30
for reverse calculation 100*100/110.3=90.66
assessable value 90.66
cenvat 10% ....9.07
E Cess ...........0.18
S&HEC............0.09
-------------------------
Total ................9.34
Duty calculation and reverse calculation working is attached.
CAclubindia
