Excise Credit when Difference in PO & Invoice
This query is : Resolved
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,
19 June 2011
credit is available on invoice basis, and how a purchase can be booked on purchase order basis?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- Value of property in capital gain
- Form 121 & TDS deduction
- Multiple trade mark
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Copyright software
- Transporter Declaration form
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
