Excise is not used in India anymore.
It is replaced by GST
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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
View answer
| Particulars | Amount |
| Output ED | 15000 |
| Less | |
| Input ED (Cenvat on Inputs) | 5000 |
| ED Payable | 10000 |
What is Vat Payable?
View answer
| Particulars | Amount |
| Output Vat | 6750 |
| Less | |
| Input Vat | 2250 |
| Vat Payable | 4500 |
Q2
What is Excise Duty Payable?
View answer
| Particulars | Amount |
| Output ED | 15000 |
| Less | |
| Input ED (Cenvat on Inputs) | 9500 |
| ED Payable | 5500 |
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?
View answer
| Particulars | Amount |
| Output Vat | 6750 |
| Less | |
| Input Vat | 4275 |
| Vat Payable | 2475 |
Q3
What is Excise Duty Payable
View answer
| Particulars | Amount |
| Output ED | 15000 |
| Less | |
| Input ED (Cenvat on Inputs) | 0 |
| ED Payable | 15000 |
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 ?
View answer
| Particulars | Amount |
| Output Vat | 6750 |
| Less | |
| Input Vat | 3800 |
| Vat Payable | 2950 |