Friends pls anyone send me the guidance note of icai on accounting for excise duty and the audit procedures to be followed in verifying excise duty payments,.. My mail ID is balaca28 @ gmail.com
4 Replies
Nalini Bajracharya
(employee)
(48 Points)
Replied 24 February 2010
Hi
Find attached the guidance note on accounting for excise duty.....
/editor_upload/524119973accounting treatment for excise duty.doc
Nalini Bajracharya
(employee)
(48 Points)
Replied 24 February 2010
Hi
If you are not able to open the url then open the following attachment.
Attached File : 27 accounting treatment for excise duty.doc downloaded: 913 times
S. Banerjee
(Practising Cost Accountant. Core area- Central Excise. Service Tax Costing system installation including maintenance of Cost Records and Cost Audit and Management Audit mainly Revenue leakages Audit)
(622 Points)
Replied 28 February 2010
I think it may be served your purpose:
SCOPE OF INDIRECT TAX AUDIT
· Non-availment of short/excess availment of Export Incentives.
· Goods imported duty with free or payment at concessional rates, subject to conditions classified incorrectly or without complying with the conditions.
· Transfer Pricing issues.
· Applicability of central excise and availability of exemption on the activity and the products.
· The valuation of goods not removed in normal course using valuation methods not in line with the central excise valuation rules.
· The utilization of goods procured on concessional duty for specific uses/for general uses.
· The availing of inadmissible cenvat credit and mis-utilisation of credit.
· The passing on of duty suffered on imported goods and of locally manufactured goods in excess of actuals.
· The structural rigidity built into the method of production or marketing and distribution.
· The authorization levels of the indirect tax function, not specifically set out in line with general authorization for the organization.
· Procedural non compliance which could lead to demands and losing of benefits.
· The liability under service tax on services provided being ignored.
EXCISE AUDIT 2000
(i) All assesses ® paying duty > 1 cr. p.a.
(ii) 10 lakhs < duty < 1 crore. ® once in two years.
(iii) Duty < 10 lakhs ® Maximum 20% of units on rotation basis.
PROCEDURE OF EXCISE AUDIT 2000
Selection of Assessee Risk factor. If bad track record then high priority.
¯
Desk Review gather in formation about the assessee without interacting
¯
Documenting Information questionnaire
¯
Touring Visit the units of assessee to actual running.
¯
Audit Plan list vulnerable areas, dynamic plan.
¯
Verification conduct of actual audit on a scheduled date.
¯
Audit objection and Audit Para if short/non payment. Discuss with assessee. Make objection but not of mere procedural lapse.
¯
Audit Report He makes draft report. Discuss with superior officers. Then finalise.
Þ Excise Audit 2000 good and participative audit. Auditor must be thorough about laws and having good accounts background.
S. Banerjee
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