Dear Members
My query to you is regarding the presentation of Excise Duty in the revised Schedule VI. I wanted to ask whether we have to show excise duty payable ie excise duty related to sales only or the actual excise duty paid after claiming the CENVAT credit ?
For Sales:-
Income / revenue - XXX
less :- excise duty - XXX
Net of Excise Duty - XXX
For Cenvat receiavble - Grouped in current assets / other current assets
For Excise payable- Grouped in current liabilities / other current liabilities
Dear POOJA,
You have to disclose net only...
Regards,
RAJESH CHOUDHARY
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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