Hi Rao,
In SAP PS config, for project plan profile, one can indicate whether billing data from a quotation or sales order assigned to a project should update the revenue plan or payment plan for the assigned WBS element.
If you create a sales order referencing a quotation, the matching plan values for the WBS element are updated as required too.
You make this setting in following menu
SPRO-> Project System -> Revenues and Earnings -> Planned Revenues -> Automatic Plan Revenue Calculation -> Specify Revenue Plan Update from Sales Document.
Discuss with SD consultant how condition type for excise duty, freight, insurance can be considered for exclusion in Sales order pricing.
You can also refer to below sap help
http://help.sap.com/saphelp_46c/helpdata/en/90/ba6f85446711d189420000e829fbbd/content.htm
Regards
Tushar