Discount in bill

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..... Sir, Pls let me clear that, for excise duty calculation is discount contant is considered or not. Actually we raise bill a party in the below manner. Qty 100 Basic Price 161.54 Basic Value 16154.00 BED@10% 1615.40 Cess @ 3% 48.46 Total 17817.86 Less: Discount @ 1.65% on Basic Price 266.54 Balance Value 17551.32 Sales Tax @ 2% 351. .....

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..... 03 Bill Value 17902.35 My query is that is always excise duty is charged irrespective of discount as shown in above calculation.i.e.can we not charge discount on Basic price then do billing on balance amount. Pls clear it. - Reply By SANJIV KOTHARI - The Reply = No, excise duty is leviable on Basic price only. Your calculation is in line with law. Sanjiv - Reply B .....

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..... y Mridul Sethi - The Reply = Sir, can you plz give me the reference of Rule/Act in this regard. - Reply By Pradeep Khatri - The Reply = Please refer circular no. 354/81/2000-TRU dated 30-06-2000 in this regard. Further, also refer chapter 3 Part III Para 2.5 (iv) of CBE C's manual, 2001. - Reply By raj kumar shukla - The Reply = IF THE DISCOUNT IS A GENUINE TRADE DISCOUNT AND KNOWN TO THE .....

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..... CUSTOMER PRIOR TO REMOVAL OF GOODS AND ACTUALLY TRANFERRED O CUSTOMER, WHY CAN'T THIS BE ABATED FROM BASIC PRICE? - Reply By raj kumar shukla - The Reply = PLEASE ALSO SEE PARA 2.5 (2) IV OF MANUAL OF SUPPLEMENTARY INSTRUCTIONS. - Reply By gourav singhal - The Reply = sir you r absolutely right. discount will be charged after excise. but excise duty is charged on abattment value of MRP. - Dis .....

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..... count in bill - Query Started By: - Mridul Sethi Dated:- 6-12-2011 Central Excise - Got 6 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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