A hosiery unit with SSI status for current year wants to avail MRP based exemption. Now whether it has to issue excise invoice from beginning and MRP need to be quoted on invoice???????


Query is-----in case of MRP if aggregate clearance RS.3.33 crore then its value as per rate of 45% will be Rs. 1.50 crores. Now upto clearance of Rs. 3.33 crores excise invoice is to be issued or not?
And whether MRP need to be mentioned on invoice???????

A manufacturing company produced mediproducts and have finished goods as closing stock. As per Guidance note issued by the ICAI excise duty on finished goods should added for the valuation of such finished goods so what will be the entry for the above accounting so that excise duty get part of the finished goods.
In my view it sholud be

Excise duty on Finished Goods Dr.
To Excise Duty Payable
Next year we reverse above entry and pass normal entry when the above subject goods removed .
If we do this then our FG get valued as per Guidance Notes issued by the ICAI and we follow normal accounting by making entry at the time of removal .

Is i am wrong ?
If then pls suggest what will be correct accounting Treatment.

sir,

can anybody could help in this regard,

we have exported thru ARE1 under Bond execution,later there was shortshipment of 1 mt and odd .Even we have paid the dues alongwith interest to the Govt.account but it has been rejected by the system quoting that ECC nO HAS NOT BEEN INCORPORATED BY NSDL.

PL HELP TO RESOLVE THE ISSUE.

regds,
R,behera

MGR.IN COMM.

Is Excise duty applicable on Bus Body building and same is supplied to APSRTC.

We have taken permission for storing Raw Material outside factory premises. Can anyone please give the procedures and Excel sheets for maintaining records.

dear members,
one of our audit client is dealing in steel industry. They purchase raw material through brokers. So in each purchase they receive 2 invoices.
1 from supplier and the 2nd from broker for the same goods purchased.
The broker adds300 per tn as his commission and supply the goods. Also in the brokers bill only the amt of VAT is reflected. So for cenvat credit our client record amount from suppliers invoice and VAT is being recorded from brokers invoice.
It is to be noted that the goods are delivered directly to the our clients place and no delivery is being taken by broker.

So in this case, is the accounting is proper??

Dear Experts,

We make provision for slow moving stocks in books of account every month as per our group accounting policy. Provision for slow movers is determined based on the turnover of the components and finished goods. Stock for which we make provision are good stocks (not obselete) and can be sold in the market very well. To comply with the group accounting standards we are making provision for slow moving stocks on the monthly basis.

Now the question is applicablility of Rule 3(5B) of Cenvat Credit Rules 2004.

1) Do we need to expunge the full amount of input cenvat credit taken on the inputs for which provision has been made? Is there any such requirement under Cenvat Credit Rules.

2) If there is any requirement for reversal of Cenvat Credit on such stocks where provision have been made then how to determine the duty amount for Finished Goods.

Regards

Ravi

Hi friends,

I wish to import wooden laminated flooring from china<

Please help me with the import duty on wooden laminated and If i wish to sell it in Haryana than how much VAT do i need to charge.

How does CSt work what is the concept of VAT and CST

For filing a refund claim by a 100% EOU under Rule 5 of CEA, 1944, for refund of unutilized cenvat credit of the inputs & inputs services used in exported goods, how do to find out that inputs of which input invoices have actually been used in the goods exported in a particular month/quarter ?

Pls. answer urgently. The excise people want that details of inputs actually used in manufacture of goods exported should be given separately for each ARE-1.

A manufacturer import Polished marble slabs & sold directly without any process to customer & reversed all the duty credited on transaction value & imposed Vat @ 12.5% when it sold to the consumer. For this case can a manufacturer has the cenvat credit Facility.?

Thanx