Excisable rm adjustments
This query is : Open
29 November 2012
Hi All...
We are into mfg unit.......we had a physical stock taking last month and based on which we found diff between System stock (ERP) and Physical count.
How we can account physical stock in the system considering Excise Impact ??? we have the provision in the system to account Adjustment entry but my only concern is of Excise Impact.
Pls guide !!!
We are into mfg unit.......we had a physical stock taking last month and based on which we found diff between System stock (ERP) and Physical count.
How we can account physical stock in the system considering Excise Impact ??? we have the provision in the system to account Adjustment entry but my only concern is of Excise Impact.
Pls guide !!!
29 November 2012
you are aware that where is difference and give the factual reason for account adjustment.
29 November 2012
Yes Mr. Arun..
We have counted physical stock only once in this FY......
as far as RM showing More in the system but Less in physical we are showing one production entry to adjust RM stock and we are also recording FG out of that adj entry into RG-1
but i m confused abt Less in system stock and more in physical........what entry can be passed and where to show in excise records.
We have counted physical stock only once in this FY......
as far as RM showing More in the system but Less in physical we are showing one production entry to adjust RM stock and we are also recording FG out of that adj entry into RG-1
but i m confused abt Less in system stock and more in physical........what entry can be passed and where to show in excise records.
29 November 2012
remaining balance of raw material you can show in waste and scrap. waste and scrap should be cleared from factory with payment of excise duty.
29 November 2012
In case of Clearing material as a Scrap....does we need to pay Excise duty in the apportion of Cenvat Received on the purchase of respective RM or any other valuation can be consider ???
29 November 2012
you can pay the duty of scrap from cenvat credit.
29 November 2012
Thinking other way.......can it possible to record excess physical RM as a Free samples received ??? in this case might be No excise duty will impact on RG 1 as well as Cenvat register......
Correct me if wrong !!!
Correct me if wrong !!!
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