Answer / devender kumar

I Can explain this answer by an examples.
An export company purchased clothes for rs. 200000 from
pearl global. and after manufacturing sales to the fortune
export for rs 300000. If excise duty is paid @ 12%.

Ans. accounting enteries will be:

Purchase ac Dr 200000
excise duty Input Dr. 24000
edu. cess @ 2% on excise duty dr. 480
She cess @ 1% on excise duty dr. 240
To Pearl global cr 224720


Fortune export Dr 337080
To sales 300000
To excise duty Output 36000
To edu. cess @ 2% on excise duty 720
To she cess @ 1% on excise duty 360


Excise duty Output dr 37080
To excise duty Input cr 24720
To excise duty payable cr 12360


excise duty payble 12360
To bank Ac 12360

Answer / abhi

y u take 50% at the end

Answer / ameet narayankhedkar

Here is an example of calculation of excise duty. If you
understand...well n good..

Assuming the product X has the following value and
chargeable to following duties:-

(i)

Value of goods under section 14 of Customs Act, 1962 =
Rs.100/-

(ii)

Basic Customs Duty = 35%

(iii)

Surcharge = 10%

(iv)

Additional Duty = 16%

(v)

Special Additional Duty = 4%





The calculation of duty leviable on the goods produced or
manufactured by EOUs/EPZ/STP/EHTP units and cleared into DTA
as per specified paragraphs of the Exim Policy would be as
follows:-

Method of calculation of duty:

On assessable value of Rs.100/-, the goods would be leviable
to,-

Basic Customs Duty @ 35%

= Rs.35.0/-





Surcharge @ 10%

= Rs.3.5/-





Total Basic duty + Surcharge

= Rs.35.0 + Rs.3.5/-



= Rs.38.5/-

Value for the purpose of calculation of Additional Duty
under section 3 of CTA, 1975



= Rs.100/- + Rs.38.5/-

= Rs.138.5/-





Additional Duty of Customs

= 16% of Rs.138.5/-



= Rs.22.160/-

Value for the purpose of calculation of

Special Additional Duty under Section 3A

of CTA, 1975





= Rs.100/- + Rs.38.5/- + Rs.22.160/-



= Rs.160.660/-





Special Additional Duty

= 4% of 160.660/-



= Rs.6.426/-





Total duty payable

= Rs.35.0 + 3.5 + 22.160 + 6.426/-



= Rs.67.086/-





Duty required to be paid = 50% of 67.086

= Rs.33.543/-





(Read with notification No.2/95-CE, dated 4-1-1995 as
amended)

The amount of duty so calculated above to be payable by the
EOUs/EPZ/STP/EHTP units would be subject to the condition
that such duty shall not be less than the duty of excise
leviable on the like goods produced or manufactured by units
in DTA.

AOP meana association of persons which includes individuals BOI means association of individuals .so my question is how to recognize a client whether he is aop or boi when he is a associaton of INDIVIDUALS.I will be helpful to those answered my question

2 Answers   OCL,

---

V R MAKING COMMERCIAL CUM EXCISE INVOICE,THEN HOW INVOICE NUMBER CAN BE GIVEN COMBINDLY OF TAX INVOICE/RETAIL INVOICE AND EXCISE INVOICE.

2 Answers   Jade Software,

---

plz tell me calculation of service tax and tds. point by point

2 Answers  

---

What are the documents to be sent along with the stock sent by courrier to other branch. Its only internal transfer. Will it be enough if we dispatch by Delivery challan?

1 Answers  

---

what is the tretment if we paid service tax wrongly in different service tax head ex. commissioning , repairs & maintenance.our liability for commissioning but we paid some into repairs & maintance . what can i do in this situation

1 Answers  

---

HOW TO CALCULATE THE PF WAGES% ON GROSS WAGES ? HOW TO CALCULATE THE HRA % ON GROSS WAGES? HOW TO CALCULATE WASHING ALLOWENCE AND OTHER ALLOWENCES % ON GROSS WAGES?

4 Answers  

---

what is excise duty? what is excise duty percentage on sales?

3 Answers  

---

while prepairing the quarterly retun for 26Q a validation errer is coming and cannot create the fvu file. The Challan details are NIL.The message is T-FV-1029 Invalid Challan Input file.

0 Answers  

---

PLEASE PROVIDE RATES, CALCULATION AND WHEN FILING THE FOLLOWING RETURN DIRECT AND INDIRECT TAXES RATES, T.D.S., F.B.T., EXCISE

0 Answers  

---

WHAT IS THE LAST DATE FOR PAYMENT OF TDS FOR THE LAST QUARTER (i.e. 4TH QUARTER) FOR THE LAST THREE ASSESSMENT YEARS?

6 Answers   ABC,

---

what is excise return form ?

3 Answers   Asha Chemicals,

---

I RAISED SALES INVOICE TO DEBTOR GROSS 25000 +S.TAX 3090 TOTAL 28090 AND I RECEIVED 27528 CHEQUE FROM DEBTOR HOW TO ENTER THESE TWO ENTRIES IN TALLY AND HOW TO COMPARE ACCOUNTING STATEMENT

3 Answers  

---