Excise Credit when Difference in PO & Invoice
This query is : Resolved
Sachin Mohite
(Querist)
18 June 2011
Case - Supplier has issued invoice for Rs. 150
on which Excise has been Charged @10.3% Rs. 15.45 and VAT @ 12.5% Rs. 20, Totaling to Rs. 186.13.
However as per PO Rate was Rs. 100 (instead of Rs. 150) and Excise was Rs.10.30 ( isntead of Rs.15.45).
While booking the Invoice in System by Purchaser - invoice is booked as below -
Basic Rs. 100 + Excise Rs.15.45 + VAT Rs.14.43
Query - Whether Excise Credit Taken of Rs. 15.45 instead of Rs. 10.30( as per PO) is correct when bill rate passed for lower rate,
on which Excise has been Charged @10.3% Rs. 15.45 and VAT @ 12.5% Rs. 20, Totaling to Rs. 186.13.
However as per PO Rate was Rs. 100 (instead of Rs. 150) and Excise was Rs.10.30 ( isntead of Rs.15.45).
While booking the Invoice in System by Purchaser - invoice is booked as below -
Basic Rs. 100 + Excise Rs.15.45 + VAT Rs.14.43
Query - Whether Excise Credit Taken of Rs. 15.45 instead of Rs. 10.30( as per PO) is correct when bill rate passed for lower rate,
U S Sharma
(Expert)
19 June 2011
credit is available on invoice basis, and how a purchase can be booked on purchase order basis?
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