Diff in stock as per Excise Records
This query is : Resolved
26 November 2008
Respected Sir,
One of our client M\s XYZ Ltd.(Gujarat) has shown their stock as 1000000 units in the RG1 Register and also in their monthly returns and the VAT Auditor has also shown the same for FY 2007-08 but we have reported the same as 4000000 units per our 3CD reports and the annual reports now my query is that how do i bring an reconciliation in the same when the client's Excise Consultant has already given the signed indemnity bond for the shifting purpose in Sep 08 of the factory(Rajasthan)how do i come out of this position ??
one of the CA has advised me to show the balance as scrap sales, what should i do ??
One of our client M\s XYZ Ltd.(Gujarat) has shown their stock as 1000000 units in the RG1 Register and also in their monthly returns and the VAT Auditor has also shown the same for FY 2007-08 but we have reported the same as 4000000 units per our 3CD reports and the annual reports now my query is that how do i bring an reconciliation in the same when the client's Excise Consultant has already given the signed indemnity bond for the shifting purpose in Sep 08 of the factory(Rajasthan)how do i come out of this position ??
one of the CA has advised me to show the balance as scrap sales, what should i do ??
26 November 2008
Is it a typorgraphical mistake or do you still stand by your statement.
28 November 2008
Sir,
Actually it is not an typing error but there has been such discrpency since 2-3 years but it was shaddowed cleverly by the VAT Auditors so we dint realised the mistake but now he is taking hands up since he is asked the reasons for by the concerned sales tax department and we are affraid that if it is proved that some illegal clearance has been taken from the factory than it is going to be a big problem for us as he may give us the demand notice.
Actually it is not an typing error but there has been such discrpency since 2-3 years but it was shaddowed cleverly by the VAT Auditors so we dint realised the mistake but now he is taking hands up since he is asked the reasons for by the concerned sales tax department and we are affraid that if it is proved that some illegal clearance has been taken from the factory than it is going to be a big problem for us as he may give us the demand notice.
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