mr.x has newly registered with central excise(mumbai).
1.if any one can help with the Excise invoice format. (if mr. x purchases from A & sales to B. or if he himself manufactures and sells.)
2. how the excise accounting & taxation working is done.
for eg. in MVAT we consider inpur vat & output vat, adjust the setoff available and pay & claim any balance payable or refundable.
would be very thankfull, if any one can explain in detail.
Dear John,
your answer is here..
1). if mr. x purchases from A & sales to B. with in the same rate of excess rate, the Mr. X has pass on the Same excise duty to B which was credited you on invoice of Mr. A., For Example Mr. X Purchase from Mr. A - 100 Nos. Airconditioner @ Rs. 20000 + Excise + VAT / CST. the same will be sales to Mr B the excise duty as it is charged as per invoice of Mr. A. but you have collect sales price exceeds or less than 20000/- there is no any problem in this transaction.
This transaction IS knows in excise AS A " INPUT TO BE CLEARED AS SUCH "
Pl. see the excel sheet here.
2). If your manufacturing this item & sales to Mr. B then you have charged the excise is as under >
Quantity * Material amount = Ass. Value + Excise duties as applcable + VAT / CST.
Thnks & Rgds..
CAclubindia
