03 April 2016
Dear all, I have a very simple doubt. Lets say I have manufactured goods and have paid excise duty, now I sold the goods and charged excise duty to the customer, so the excise duty what I collected from customer is it to be paid again to the govt? If not, how would be the treatment?
03 April 2016
Whatever you collect from Customer you have to pay to government, now whatever you pay for purchase you will get input credit. For Eg. If you sale to customer on 100 & Excise say Rs. 10 then Rs. 10 you have to pay. & You purchase for 90 & Duty say Rs. 9 then overall you have to pay Rs. 1 (10-9) only.
03 April 2016
But sir in my case, I am not purchasing anything. I am a manufacturer and while transferring finished goods to warehouse I paid excise duty (as factory gate is my place of removal), and then I sold such goods and collected excise duty. Now what to do with such duty which I collected from customer?
CAclubindia
