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Closing stock include excise duty

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 June 2015 whether closing stock include Excise duty while making balance sheet.
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JUGAL PATEL

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JUGAL PATEL (Expert)
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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