john (LEARNER) (549 Points)
05 May 2010mr.x has newly registered with central excise(mumbai).
1.if any one can help with the Excise invoice format. (if mr. x purchases from A & sales to B. or if he himself manufactures and sells.)
2. how the excise accounting & taxation working is done.
for eg. in MVAT we consider inpur vat & output vat, adjust the setoff available and pay & claim any balance payable or refundable.
would be very thankfull, if any one can explain in detail.
Himanshu
(Chief Accountant)
(96 Points)
Replied 08 May 2010
Dear John,
your answer is here..
1). if mr. x purchases from A & sales to B. with in the same rate of excess rate, the Mr. X has pass on the Same excise duty to B which was credited you on invoice of Mr. A., For Example Mr. X Purchase from Mr. A - 100 Nos. Airconditioner @ Rs. 20000 + Excise + VAT / CST. the same will be sales to Mr B the excise duty as it is charged as per invoice of Mr. A. but you have collect sales price exceeds or less than 20000/- there is no any problem in this transaction.
This transaction IS knows in excise AS A " INPUT TO BE CLEARED AS SUCH "
Pl. see the excel sheet here.
2). If your manufacturing this item & sales to Mr. B then you have charged the excise is as under >
Quantity * Material amount = Ass. Value + Excise duties as applcable + VAT / CST.
Thnks & Rgds..
CAclubindia
