Excise duty on stock transfer
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 June 2013
Ours is a manufacturing company have two units. Unit 1 has transferred goods to Unit 2 on 30/03/2013 and paid the excise duty for same and also the same has been reflected as output excise in excise records(ER-1).But Unit 2 has received goods in factory in the month of april, therefore they can't claim is as cenvat credit in the month of march due to which excise output of Unit 1 and excise input(cenvat credit) of unit 2 are showing a difference. So what will be the accounting entries for both the units as on 31/03/2013
25 June 2013
unit 1 will pay the excise duty in the month of march and unit 2 will take the cenvat credit in the month of April 2013.
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