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Q1

Purchase Raw Material

Particulars Amount
Purchase 40000
Excise 12.5% 5000
Total 45000
Vat 5% 2250
Total 47250

Sales Finished Goods

Particulars Amount
Sales 120000
Excise 15000
Total 135000
Vat 5% 6750
Total 141750

What is Excise Duty Payable

-a-

Particulars Amount
Output ED 15000
Less  
Input ED (Cenvat on Inputs) 5000
ED Payable 10000

-ea-

What is Vat Payable?

-a-

Particulars Amount
Output Vat 6750
Less  
Input Vat 2250
Vat Payable 4500

-ea-

 

Q2

Concept of Cenvat on Inputs for Manufacturers - Excise Duty Computation Basics

What is Excise Duty Payable?

-a-

Particulars Amount
Output ED 15000
Less  
Input ED (Cenvat on Inputs) 9500
ED Payable 5500

-ea-

Note;-
No Input of Goods Used in Office

However,Input Available of Goods Used in Production or Sales like
Raw Material- Items Present in Finished Goods
Consumables- Items Consumed in Production
Packing Material- Items Used to Pack Finished Goods

What is Vat Payable?

-a-

Particulars Amount
Output Vat 6750
Less  
Input Vat 4275
Vat Payable 2475

-ea-

 

Q3

new question3.png

What is Excise Duty Payable

 

-a-

Particulars Amount
Output ED 15000
Less  
Input ED (Cenvat on Inputs) 0
ED Payable 15000

-ea-

Note;-
If a factory purchases goods from Dealers ,only Vat is charged which cannot be charged against excise
No Input of Vat Against Excise
However,Input of Vat can be utilized against Output Vat as below

What is vat Payble ?

-a-

Particulars Amount
Output Vat 6750
Less  
Input Vat 3800
Vat Payable 2950

-ea-

  1. Tax Practical
  2. Practical Excise
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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