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our manufacturing company, i have received different type
of excise bill. for ex. abc invoice purchased oil 17966.88
qty @54.80 inducing excise duty 14% tn how separate rate n
excise calculated

Question Posted / guest


our manufacturing company, i have received different type of excise bill. for ex. abc invoice purch..

Answer / abhivirthi tax and industrial

Some dealers will issue sale bills to aggregate amount i.e. including tax. If tax is not shown separately the tax element and principal amount has to be arrived applying the following formula.

Rate of Tax X Aggregate of Sale Price
100 + Rate of Tax

By using the above formula, the rate of the commodity and tax or excise duty etc. will be separated and after arriving the rate of commodity, divide by quantity and the actual rate will be available.

14 X 17966.66 2206.46 is 14% Excise Duty
114
15760.42 is the rate of 54.80 quantity
------------
17966.88 is the invoice amount
------------

The above formula is available under Section 8-A Determination of Turnover of the Central Sales Tax Act, 1956.

Reply from:
ABHIVIRTHI Tax and Industrial Consultancy
R.R. Jagadeesan
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014
www.abhivirthi.blogspot.com
Cell: 9994990599

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