08 September 2012
PLEASE GIVE A EXAMPLE OF TREATMENT OF EXCISE LEVIED ON CLOSING STOCK E.G. STOCK AS ON 31.03.12 IS 200000(NET OF EXCISE) WHERE WILL EXCISE CHARGED SUPPOSE 20600 REFLECT IN FINALIZATION
09 September 2012
Closing stock being valued at net of Excise, Excise incurred thereon, would be accountable against payment of Excise on your finished product as & when it is cleared for sale; On 31.03.2012, Excise may remain as a current asset out of gross paid cost of stock !
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