Excise duty paid but not included in bill
This query is : Resolved
14 August 2014
My Clint have a manufacturing company, they already taken an tender for sale on a fixed price per unit. But after some month excise liability realized and company paid excise duty on the bill amount by reverse calculation.
Eg. Bill amount as per tender 1,22,285.00
Vat 6,114.00
Total Bill 1,28,400.00
After Excise adjustment
Bill amount 1,08,834.00
Excise Duty 13,451.00
Vat 6,114.00
Total Bill(Same As Tender) 1,28,400.00
Problem is
Party not willing to take new bill with correction,and all return are filed
1. what Adjustment do in accounts ?
2. What are the effects in excise and VAT ?
Eg. Bill amount as per tender 1,22,285.00
Vat 6,114.00
Total Bill 1,28,400.00
After Excise adjustment
Bill amount 1,08,834.00
Excise Duty 13,451.00
Vat 6,114.00
Total Bill(Same As Tender) 1,28,400.00
Problem is
Party not willing to take new bill with correction,and all return are filed
1. what Adjustment do in accounts ?
2. What are the effects in excise and VAT ?
Arun Kumar Singh
(Expert)
14 August 2014
buyer can take the cenvat credit on after corrected the invoice otherwise you can received the goods along with invoice and after return you can take the cenvat credit.
Rupesh Jain
(Expert)
14 August 2014
if party can take bill other wise you can claim excise as expenses in profit and loss a/c
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