Excise duty discharge under notification no 32/2012 ce

This query is : Resolved

Manjunath (Querist)
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25 February 2014 Dear Experts

We have VKGUY Duty Scrip and it need to be utlize for the domestic procurement of excisalbe inputs. please update the Journal Entry in the below scenario

1. Basci Value of the Materials is Rs.100.00
2. Excise (Duty inclusive of Cess) Rs. 12.36
3. CST (Against C form) Rs. 2.24
Total Rs.114.60

The Excise duty of Rs. 12.36 should be adjusted against the VKGUY Duty Scrip and payment for the supplier will be made only for Basic Value + CST (102.24)

Please update
1. What is the entry when we are providing VKGUY duty scrip to Supplier.(appox. value of duty scrip is Rs. 5.96 Lakhs)

2. What is the entry when we receive the supplies in the manner above mentioned.

(Notifn. 32/2012 CE Dt. 09.07.2012)

Manjunath

Manjunath (Querist)
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06 March 2014 Dear Exports,

Any body please reply my query

Thanks in advance