What is Excise Duty ? How its entry will be passed in
accounting book ?
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Answer Posted / h.r. sreepada bhagi
Excise Duty (Now Called CENVAT) also called Central Excise
Duty is a duty levied by the Central Government (in India)
on the manufactured goods on the companies which come under
the purview of Central Excise as per the law.
It's collected int eh Sales Invoice on the basic value at
the rates prescribed in the Customs Tariff. This duty
collected should be remitted to the government as prescribed
in the Central Excise Act (Cenvat Act) after adjusting Input
Tax Credit, if any. The company (Manufacturer/Seller) should
also file periodical returns with the department of Central
Excise & Customs as applicable to them.
When the duty is collected, credit it to Cenvat liability
a/c & when remitted, debit this a/c. When Input Credit is
adjusted, debit this a/c & credit Cenvat Input Credit a/c on
the under assets group in your books of accounts.
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