Q6

    Purchase Raw Material              Machines Used In Production      

Particulars Amount   Particulars Amount
Purchase 40000   Machines 64000
Excise 12.5% 5000   Excise 12.5% 8000
Total 45000   Total 72000
Vat 5% 2250   Vat 5% 3600
Total 47250   Total 75600

   Spare Parts of Machines Used In Production 

Particulars Amount
Spare Part 4800
Excise 12.5% 600
Total 5400
Vat 5% 270
Total 5670

   Sales Finished Goods

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

What is Excise Duty Payable?

View Answer

Note:-
If Machines used in Production or Sale,then it is called Capital goods and input of excise is available in 2 years (1/2 every year)

What is Vat Payable?

View Answer

Note:-
If Machines used in Production or Sale,then it is called Capital goods and input of vat is available in 3 years (1/3 every year)
However,rules may be different from state to state

 

Q7

    Purchase Raw Material             Machines Used In Office

Particulars Amount   Particulars Amount
Purchase 40000   Machines 64000
Excise 12.5% 5000   Excise 12.5% 8000
Total 45000   Total 72000
Vat 5% 2250   Vat 5% 3600
Total 47250   Total 75600

   Spare Parts of Machines Used In Office

Particulars Amount
Spare Part 4800
Excise 12.5% 600
Total 5400
Vat 5% 270
Total 5670

   Sales Finished Goods

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

What is Excise Duty Payable?

View Answer

What is Vat Payable?

View Answer

Note:-
No Input of Excise and Vat on Machines Used in Office

  1. Tax Practical
  2. Practical Excise
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .