i want to know some thing about excise.can anyone help me.

we propose to set up a unit for plated circular coin blanks. The base material for the coin would be steel on which we would do coating of alloys of copper and nickle.What would be excise duty liabilityand whether both the activity that coin making and plating would be treated separate manufacturing ?

SSI Unit registered under Central Excise CENVAT doing Exciseable Turnover less than 100lakhs each year for past five years. Non-Exciseable Turnover of about 100 lakhs which is "AS SUCH" SALES. No payment has been made in the PLA Account.
And Now surrendered the number year ending March 2008. After 3 months the Excise Audit Call has come from the department.
Is the Excise Audit applicable in this case? Please suggest.

whether service industry engaged in chemical port terminal can take credit of excise on steel product purchased? whatever be the answer give me the reference of notification or section so that i can refer it for my future reference

can any one give me list of accounting entires for cenavt & PLA entires

Sir,
When a excisable unit does job work for a non excisable unit how the transaction will be calculated?
Eg: E does job work N. E gets the material from N (procured by N for Rs. 100) and sends it back to N for Rs. 150. N sells the final product for Rs. 200. What will be the transaction value in this case for levying excise duty?

Plese study the following case and guide me about proper treatment:

There are two sister concern,say A and B.Both deals in chemicals.But the manufacturing and sale of B is very less.now Company A supply certain raw material to company b for certain job work and then received back the final manufactured product.For that purpose Company A provides certain job work charges to company b after deducting TDS.
Now company A claim that it is not liable to pay the exice duty because it has not manufacturer but the actual manufacturer is Company B.So Company B is liable to Pay the Duty. But Total sales of company B does not exceed then Rs 15000000/-. So there is no any liability of Co B to pay the Duty.
Now I want to ask that Whowill be deemed as a manufacturer whether Company A or B and who will be liable for duty.

Thank You

Ankit Kansal

At the end of the financial year we have some quantity of finished stock. For valuation of finished stock excise duty is not added.


I know that on the finished stock provision for excise duty is to be made as liability arises as soon as the manufacuting is completed BUT payment is postponed to the date of delivery of stock to customer.


My question in this regard is :


1)What is the journal entry that needs to be passed on 31 March for making provison of excise duty?


2) Should the amount of debit entry suggested in above journal entry be added to the closing finished stock?


3)What is the journal entry to be passed in the next year to reverse the provision?


4)Should any disclosures be made in notes to accounts in above scenario?

I request the caclub member who are in manufacturing industry or have done audit of manufacturing industry to please answer my above questions.


Please answer questionwise. Thanks.

For the Last Financial Year 2006 - 2007In our comapny we expensed cenavat poration as purchase cost ( Excie Duty + Education Cess ) but as per Excise records Cenvat Credit Taken .so my query is how do i reconcile cenvat with Accounts & Excise records

what do you mean by central government in excise law?