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Query on excise.. please help

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Dear All,

I have a querry in excise. I have raised purchase order with excise to party. Party has supplied me material. party has issued invoices without exicse duty. I have debited him excise duty amount as a pentaly. Please tell me the impact of amount which I have collected as a penaly against excise. is it liable to pay to Goverment? is it other income for me? If i have purchse this material as capital goods/ fixed assets then, should I deduct the same from capitalization amount???

Replies (2)

Harendra Kumar

Tax Advisor

1502 Points Posted on 30 October 2013

Sir,

Your vendor is not registered in Excise Depart than you shown the Other Income or if your vendor is registered in Excise Dept. than you pay the Excise duty with interest, if any and take the credit and shown the also Other Income and raised the Debit Note also with correspondence.

Thanking you

( Harendra Kumar )

kumar.harendra @ gmail.com