Please tell me how to close the excise books (RG23A(II),RG23C(II),RG(I), PLA)every month. ours is a steel manufacturing unit. Tell me the entries to be pass out to close the books ever month and also tell me how to calculate the escise consumed during the month.
29 March 2011
Balance as per PartI-RG23A, RG23C, PLA, will be same as your monthly return.
Suppose your liability is1000 and your Cenvat account - RG23A II bal 400, Ser Tax Cr 100, Capt goods cr 200, then you will pay by PLA 300, Financial entry will be
Excise Duty Payble Dr 1000 To Cenvat on Input Cr 400 To Cenvat on CG CR 200 To Ser tax Cr CR 100 To PLA CR 300
Entry in Part II are as under
in RG23A on Month Closing date - Cenvat Cr utilised ag Duty payble for the month of Cr 400.00
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