Excise duty-urgent..!!!!

Dear experts,
kindly solve my problem.
there is a private limited company which is a FSD. it purchases directly the material from manufacturers under the cover of excise invoice.
suppose it purchased 10 units @ Rs.50/-each
+ excise duty @ Rs. 5/- each
+VAT/CST @ Rs. 5 each/-

now they have sold out 30 units @ RS. 60/- each.+ they have passed on the cenvat on these 30 units.+applicable CSt.
on next 10 units they have not passed on the credit.
remaining 10 units..??how to value this closing stock..
what will be the treatment of excise duty in closing stock?will ie be included in stock or not?//

in this case, the excise duty account remains untallied.. what is to be done..??

 if any adjustment entry is to be passed, please explain in detail ASAP..
 kind regards-
CA Abhiram Bharat..

 

Replies (1)

 

for dealers excise content is not a tax, they have to value the input including all taxes and output shall be also including all taxes, 

 

not passing the duty does not means the materials gone without duty, materials moved "duty paid" but the buyer is not in position to avail input credit through excise invoice, so he did not issued invoice.

 

closing stock will be 10*(50+5+5)=600

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