25 August 2012
Dear Sir, We are directly exporting our material & claiming rebate for the same. Our querry is that 1.whether we have to pay excise duty on export i.e. excise duty we are mentioning in Invoice should be shown in RG1 as duty payable. 2. secondly is it necessary to debit duty on export on the same day in RG partII. 3. Even if we get the rebate of the same, duty deducted twice from us. One is credited from RG1 & other is debited from PG partII. We are bit consused of how to make entries for the same. Pls suggest URGENTLY. Tnks.
25 August 2012
RG1 is stock account and it displays the summery of opening stock, manufacture, clearance, closing balance, duty paid / payable and invoice reference to clearance, RG-1 is not a duty register
RG23A- Part2 or PLA is duty register, and duty is debited from these at the time of export which is entitled for rebate claim.
The entry of RG-1 is itself displayed in RG-23A part 2, so there is no double debit or payment.
CAclubindia
