Cenvat credit on Goods Purchased from Ist Stage Dealer
This query is : Resolved
29 March 2009
I am Currently engaged in the Audit of a Public limited Company. After Inspection of purchase vouchers, i have seen that old excise Rates @10%/14% are charged by A dealer even if invoice are Raised after Excise Rates are Reduced(24.02.2009) to 8%.
Dealer says that he has purchased these goods before 24th February 2009 therefore he has charged Excise @14%/10%.
In these Scenario Company are Paying excess Excise Duty.
Company can Claim Excess Excise Duty paid as CENVAT CREDIT but Working Capital Requirement of the Company is Increased.
Does the dealer response regarding Excess Ex. Duty is Correct. Please tell me Reasons in this Case.
Dealer says that he has purchased these goods before 24th February 2009 therefore he has charged Excise @14%/10%.
In these Scenario Company are Paying excess Excise Duty.
Company can Claim Excess Excise Duty paid as CENVAT CREDIT but Working Capital Requirement of the Company is Increased.
Does the dealer response regarding Excess Ex. Duty is Correct. Please tell me Reasons in this Case.
30 March 2009
Yes, dealer is correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Gst on travel by air for business purposes
- Taxability of credit in canara bank ET & T section (NRO)
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- ITR-3 File/Error Found
- Banking Related Issue
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
