Mohit (CA) (755 Points)
13 April 2012Hi all,
Could anyone explain a simple example of a sale and where excise duty is charged. I want to know whether it should be included in Cost or not. Also I have seen in some Annual reports of companies in P&L that Sales Rs 100 - Excise Duty 10 = Rs 90 as Net sales.
Could someone explain what that means. I am really confused with that.
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 13 April 2012
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 13 April 2012
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 13 April 2012
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 13 April 2012
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 13 April 2012
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 13 April 2012
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 13 April 2012
Mohit
(CA)
(755 Points)
Replied 13 April 2012
Thanks Palash... But i wanted more explanation in detail... A simple example would be great...
Aarush
(Delhi)
(1566 Points)
Replied 13 April 2012
For Seller Point of View :-
Turnover will count Sales Less Excise Duty because exicse duty is not a prt of sales.
100-10 = 90
For Buyer Point of View :-
Purhcase will be 100 - if we not taking input (90+10=100)
Purchase will be 90 - if we taking Input as 10 will be advance recoverable cash in kind which will be adjusted from payable account.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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