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What is the accounting entry of enterprise consumption tax?
The consumption tax incurred by enterprises is an indirect tax, which is a tax levied by the government on consumer goods. How to make accounting entries for consumption tax?

How to make accounting entries for consumption tax?

1. Consumption tax calculated and paid for general sales of taxable consumer goods:

Borrow: taxes and surcharges

Loan: taxes payable-consumption tax payable

2, enterprises will produce taxable consumer goods for non-productive institutions (projects under construction):

Borrow: Construction in progress.

Loans: Goods in stock

Taxes payable-VAT payable (output tax)

Taxes payable-consumption tax payable

Scope of consumption tax collection

The scope of consumption tax collection includes: cigarettes, alcohol, firecrackers, refined oil, fireworks, cosmetics, precious jewels and jade, golf balls and equipment, high-end watches, yachts, solid wood floors, wooden disposable chopsticks, automobiles, motorcycles, batteries, paints and other tax items.

Consumption tax calculation formula

Consumption tax is the general name of all kinds of taxes with the turnover of consumer goods as the object of taxation. It is a tax levied by the government on consumer goods, which can be levied on wholesalers or retailers. This is an indirect tax.

Ad valorem levy (proportional tax rate): tax payable = sales (the price of similar consumer goods constitutes taxable value) × consumption tax proportional tax rate.

Specific tax (fixed tax rate): tax payable = sales quantity (allocated quantity, delivered quantity and imported quantity) × unit tax.

Compound levy (both proportional tax rate and fixed tax rate are acceptable): tax payable = sales quantity (transfer quantity, delivery quantity and import quantity) × fixed tax rate+sales (the price of similar consumer goods constitutes taxable value) × consumption tax proportional rate.