Excise duty funda

1147 views
User Avatar

CA
465 Points Posted on 13 April 2012

Hi all,

Could anyone explain a simple example of a sale and where excise duty is charged. I want to know whether it should be included in Cost or not. Also I have seen in some Annual reports of companies in P&L that Sales Rs 100 - Excise Duty 10 = Rs 90 as Net sales.

Could someone explain what that means. I am really confused with that.

0 Reply Share Follow
On 13 April 2012 at 11:25 Report
Replies (9)
User Avatar

Student...Hoping to pass Inter
643 Points Posted on 13 April 2012
Yar as i knw, the duty which can be taken credit against output tax is deducted from sales nd of wich we cant take credit of is included in sales. Rest wait for others to comment..:)
Reply
On 13 April 2012 at 13:03
User Avatar

Student...Hoping to pass Inter
643 Points Posted on 13 April 2012
Yar as i knw, the duty which can be taken credit against output tax is deducted from sales nd of wich we cant take credit of is included in sales. Rest wait for others to comment..:)
Reply
On 13 April 2012 at 13:04
User Avatar

Student...Hoping to pass Inter
643 Points Posted on 13 April 2012
Yar as i knw, the duty which can be taken credit against output tax is deducted from sales nd of wich we cant take credit of is included in sales. Rest wait for others to comment..:)
Reply
On 13 April 2012 at 13:04
User Avatar

Student...Hoping to pass Inter
643 Points Posted on 13 April 2012
Yar as i knw, the duty which can be taken credit against output tax is deducted from sales nd of wich we cant take credit of is included in sales. Rest wait for others to comment..:)
Reply
On 13 April 2012 at 13:06
User Avatar

Student...Hoping to pass Inter
643 Points Posted on 13 April 2012
Yar as i knw, the duty which can be taken credit against output tax is deducted from sales nd of wich we cant take credit of is included in sales. Rest wait for others to comment..:)
Reply
On 13 April 2012 at 13:06
User Avatar

Student...Hoping to pass Inter
643 Points Posted on 13 April 2012
Yar as i knw, the duty which can be taken credit against output tax is deducted from sales nd of wich we cant take credit of is included in sales. Rest wait for others to comment..:)
Reply
On 13 April 2012 at 13:06
User Avatar

Student...Hoping to pass Inter
643 Points Posted on 13 April 2012
@ admin plz delete my above 5 comments..it is due to slow net connectn!!
Reply
On 13 April 2012 at 13:10
User Avatar

CA
465 Points Posted on 13 April 2012

Thanks Palash... But i wanted more explanation in detail... A simple example would be great...

Reply
On 13 April 2012 at 15:41
User Avatar

Delhi
729 Points Posted on 13 April 2012

For Seller Point of View :-

Turnover will count Sales Less Excise Duty because exicse duty is not a prt of sales.

100-10 = 90

For Buyer Point of View :-

Purhcase will be 100 - if we not taking input (90+10=100)

Purchase will be 90 - if we taking Input as 10 will be advance recoverable cash in kind which will be adjusted from payable account.

 


 

 

 

Reply
On 13 April 2012 at 17:52

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. NSFA(National Food Security Act) commission
  2. RCM applicability on petty GTA freight (₹450
  3. Short payment reccieved in export & GST implic
  4. Parag Gupta vs Purushottam Aggarwal- who is best f
  5. GST applicability on own-vehicle goods transportat
  6. FAST DS Scheme 26
  7. 12A registration expired in FY 22-23 and is not re
  8. Seeking Clarification on Business Code Selection a
  9. CG on property sold after construction of a house
  10. Nursing Home Taxability

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
29 September 2026
Work at home

Lottery.sambad.tv

Bhopal

Others

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details