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?
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