naresh kumar (accountant) (32 Points)
22 December 2009dear sir we r not covered with excise . but we purchase raw material with excise bill . then how can i treat this excise amount .
Ashish Ojha
(Chartered Accountant)
(469 Points)
Replied 22 December 2009
Nothing to do.. If u are saying that u are not liable to pay duty then u cannot take credit of excise duty paid.. So this duty will now form part of your cost of production.. Just debit the raw material with full price including excise duty..
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