A fire has occurred in factory as a result of which many of input & capital goods have been distryoed. Some of Capital and input goods were sold as scrap, others were repaired and continued to be used

Now my question is:-

Whether Cenvat credit taken on capital goods is required to be reversed?, if yes whether on all capital goods or only goods sold as scrap

What about reversalon inputs

WHAT IS HE RATE AND DUE DATE OF REVERSAL OF SUCH CREDIT.

Dear experts

I want to know in er1 in which column we have to show credit and debit ofadditional duty (4%) on receipt of imported goods should shows?

Thanks to all

Sandip

I PURCHASE EXCISABLE AND NON EXCISABLE INPUT.SO WHERE CAN I MAKE ENTRY OF NON EXCISABLE INPUTS.BECAUSE THE PROBLEM IS THAT THE TOTAL NO OF QTY IN BALANCE SHEET SHOULD BE TALLY WITH EXCISABLE REGISTER AT THE TIME OF EXCISE AUDIT.

I am a manufacturer and i have taken excise registration. i have dispatched material to non exciseable company(local).he has rejected my material.How will i make entry of rejected material and where.What are the proedures.By which rule of excise can i take entry and in which rule i can take cenvat credit.

Plz any one tell me that at the time of making the provision of excise duty on closing stock what rate will be considered in FY 2011-12. i.e. 10.33% or 12.36% on full stock or part stock

Saurabh
CA Final student

Excise duty liability arises as soon as goods are manufactured and it is to be paid after goods are moved out of factory for sale.


My question is:


Does the company normally , PRACTICALLY SPEAKING, passes following entries in respect of excise duty. I have assumed there is no CENVAT credit:


Excise duty expense……Dr
To Excise duty payable
(Being Goods manufactured)


Excise duty payable………..Dr
To ACTUAL Excise duty payable
(Being Part of the goods manufactured sold)


Note that with above entries in books of accounts there will be two accounts for excise duty liability:
1)Excise duty payable
2)Excise duty ACTUALLY payable.

Only excise duty actually payable is paid to dept.



Please let me know whether above entries are correctly passed. If not, what is the reason?

SIR, MY ASSESEE IS REGISTERED UNDER CENTRAL EXCISE AS A DEALER. HE EXPORTS GOODS TO OTHER COUNTRY AFTER PURCHASING FROM MANUFACTURER. HE WANTS REFUND OF EXCISE DUTY PAID. CAN HE DO SO. IF YES WHAT IS THE PROCEDURE AND TIME LIMIT.


WHICH ARE THE BOOKS REQUIRED TO BE MAINTAINED BY REGISTERED DEALER.

THANKS IN ADVANCE.

if we want to take cenvat credit in two years of a capital item, then is it necessary to capitalize the same or can we treat as repair & maintt. expenses?

as per the amendment to rule 4 " a proviso has been inserted in both the aforesaid sub-rules to provide that the CENVAT credit in respect of inputs or/and capital goods may be taken by the provider of output service when the inputs or/and capital goods are delivered to such service provider, subject to maintenance of documentary evidence of delivery and location of the inputs and capital goods"

Does this mean Cenvat input can be taken @ 100% in the year of receipt of capital goods as against 50% earlier.

Kindly clarify thanks in advance .

Please guide us,
-we are a manufacturing concern named XYZ Pvt ltd. Co.,

-We have two unit .No. I and No. II.

-Unit I receives inputs and removes as such that inputs to unit II...

-Then Unit II avails the cenvat on those inputs and uses those inputs for manufacturing the finished goods.

-These finished goods are sold to unit I by Unit II by paying the excise duty...

-On receipt of these goods in unit I , they avail the cenvat credit on these goods... and do a direct sale to the customer . without any further processing.

so my question is whether unit I is availing irregular cenvat credit ... as the goods are not input for themm.. they are only doing trading.

Sir kinadly give me the reply as early as possible..
its really a very serious issue for us.