Ram kr. (Buisness) (883 Points)
18 April 2009Dear Friends,
How many Rupees or paise can be round of. For example 1, 2, 3 or 5. Can we make round of assessable value, excise duty & cess item wise. Suppose If ten item is one invoice then diff.of rounding of in excise duty is approximately 2 or 3 Rupees but we see item wise calculation it is write. what should be done. Is it justify in excise rule.
Thanks
Dilip Darji
(392 Points)
Replied 20 April 2009
Dear Sir.
As per Section 37 D of The Central Excise Act, 1944, rounding of to be done for the the amount of duty, interest, penalty, fine or any other sum payable......This does not mean that you can round of at each and every entry for BED, E.Cess, SHE etc in Excise Invoice. You can round of only once in a month i.e while making payment of central excise duty.
Rounding of to be donne at the time of making mayment of duty, interest, penalty, fine etc.
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