EXCISE AUDIT.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2011
Dear Experts,
I am working in a Manufacturing Unit.We are Dealing with bank such as LC charges, Bill Discounting etc. Banks has taken SERVICE TAX charges from us. Bank give us a memo with all details of Service Tax. We are taking CENVAT credit the same Service Tax Amount and utilized it for making payment of Excise Duty. Now Excise Auditor are not allow us to take CREDIT, because the Memo issued by bank in not a Invoice.
Hence I request you kindly advice me regarding this matter.
Thanks and regards
I am working in a Manufacturing Unit.We are Dealing with bank such as LC charges, Bill Discounting etc. Banks has taken SERVICE TAX charges from us. Bank give us a memo with all details of Service Tax. We are taking CENVAT credit the same Service Tax Amount and utilized it for making payment of Excise Duty. Now Excise Auditor are not allow us to take CREDIT, because the Memo issued by bank in not a Invoice.
Hence I request you kindly advice me regarding this matter.
Thanks and regards
04 February 2011
First you confirm, whether you are accounting the total bank charges in your books of account, if it is , cenvet credit is not allowed.
Secondly, Memo is not considered as invoice, so in this case observation of auditor is correct.
Secondly, Memo is not considered as invoice, so in this case observation of auditor is correct.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2011
Dear Mr.Shailesh,
I accounting is only for Service Tax amount and not total charges
I have requested Bank, they are not agree to make invoice. But in memo it is mentioned that the amount of service, Service tax etc. In this situation what to do?
I accounting is only for Service Tax amount and not total charges
I have requested Bank, they are not agree to make invoice. But in memo it is mentioned that the amount of service, Service tax etc. In this situation what to do?
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