EXCISE CREDIT ON PURCHASE RETURN

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2011 HOW TO CLAIM CREDIT OF EXCISE IMPOSED(ON PURCHASE OF GOODS ) WHEN THERE IS 100% REJECTION OF GOODS .WHAT WOULD BE THE PROCEDURE . WHAT DOCUMENTS SHOULD WE SEND BACK TO THE SUPPLIER .

S.P.Mahanta

S.P.Mahanta (Expert)
Follow

24 June 2011 Cenvat credit can be availed immediately on inputs received in factory and must be related directly or indirectly to manufacturing of final products.If goods received & 100% rejection take place then full amount of availed cenvat credit have to be reversed.

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2011 I agree that full amount of cenvat credit be reversed but can you please tell me the procedure of doing so i.e what formalities (documentary) have to be complied with in this regard .....

S.P.Mahanta

S.P.Mahanta (Expert)
Follow

26 June 2011 Reversal to be done in RG23A Part II register. Separate Inv:copies /chalan may be raised with rejection note & to tally with 100% acceptance qty.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now