Cenvat credit -its urgent
This query is : Resolved
05 March 2011
I Purchase some raw material & booked cenvat credit on the same.
Meanawhile this Raw Material is found defective and return to supplier UNDER AN INVOICE and excise duty is charged on the same invoice.
now what we hav treatment of Cenvat credit(which we hav shown on purchase return voucher)
1.It should be shown as excise duty payable?
OR
2. should it be adjusted from input cenvat?
OR
3. some other treatmen.
plz provide solid Base(Rule/ Section Etc.)
Meanawhile this Raw Material is found defective and return to supplier UNDER AN INVOICE and excise duty is charged on the same invoice.
now what we hav treatment of Cenvat credit(which we hav shown on purchase return voucher)
1.It should be shown as excise duty payable?
OR
2. should it be adjusted from input cenvat?
OR
3. some other treatmen.
plz provide solid Base(Rule/ Section Etc.)
05 March 2011
If I am not mistaken it is 3 (2) - as such removal. The amount would be indicated as centrral excise duty only but could be adjusted from the cenvat credit acccount. The amount reversed should eb equal to the duty credit availed.
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