I have locally purchased goods on which only VAT has been charged. I have closing stock of these goods as on 30.06.2017. Can I claim excise duty on these goods by reverse calculation.
For example: Goods purchased Amount : 100000, VAT charged : 14500 (taken as input in VAT returns)
Can I claim excise duty by reverse calculation i.e. (100000/112.5%)*12.5%
CAclubindia
