Closing stock include excise duty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2015
whether closing stock include Excise duty while making balance sheet.
18 June 2015
YES THE EXCISE DUTY IS TAX ON MANUFACTURING ALTHOUGH IT IS PAYABLE ON REMOVAL OF GOODS BUT CHARGING SECTION IS ON MANUFACTURE SO THE GOODS MANUFACTURED IN CLOSING STOCK SHOULD BE PROVISIONED FOR EXCISE DUTY
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