In our company while preparing the ER.1 returns for June.17, there was a omission of credit to the extent if 11.31 lakhs due to a software glitch in SAP, and the tran1 also filled accordingly. Now the audit team has noticed this and please suggest if we can apply for refund of this u/s 142 6(a).
Since Excise dusty is subsumed in GST, how to treat excise duty while preparing CMA data format for bank loans. We normally consider Gross Sales less Excise duty = Net sales
Co.,X manufacture molds for Plastic Packaging goods, on behalf of customers , it receive advance and complete the manufacturing activity and finally receive the full payment on dispatch of such machine molds.
Similarly their are two machines are under work in process stage this process started in Excise regime but still not completed the Finished goods phase, thus Co., X didn't charge any excise duty based on the Concept of excise duty charged on removal of the goods.
The ownership of the machines lies with the customer but not company .X. Mean while issued invoices for the rest of the amount spent on the expenses of machinery along with CST (central Sales tax ) @ 5.5%.
Now the Central excise auditors are issued enquiry notice to Pay the Central Excise @12.5% , by mentioning it is deemed to be sold if the invoice is raised along with CST.
Please give your valuable expertise thoughts to resolve this enquiry.
1-We used one brand in 2009 namely KELVIN for all product selling .
2-All product we buy and sell in our above brand.
3-Is our concern is tranding or manufacturing as we used our logo KELVIN in all products.
4.Our sales in that period is above Rs.2.5 crores
5.So we must have Central Excise no or not because our sales is above 1.5 cr.
6.If we should have CE no , are we the dafaulter of Excise.
Please claerify the same.
We have purchased Machinery in the month of April,2015 for approx 65 Lakhs and installed and started production within a month. We have taken the credit of the Central Excise charged in the Capital Goods Invoice. We have made the payment to the supplier keeping a balance of Rs, 6.50 lakhs. After a month say in the month of June,2015 we found out that one of the Machinery received was not upto the quality agreed and we had made a complaint about the same to the supplier. Many follow up were made to the supplier and after many round of discussions he offered us the discount of approx Rs. 4.00 lakhs. On that out of the remaining 6.50 we made the payment of 2.50 and Rs. 4.00 lakhs was written off from his account as Discount. Now During the CERA Audit this point was raised. Now we are being asked to pay the amount of Excise Duty on the amount written off alongwith the interest and penalty. Can somebody guide us what can be done in this issue. BY writing off the same as discount we have made the Income Tax Payment on the amount.
WE HAD TAKEN ADVANCE LICENCE FOR DEEMED EXPORT AND NOW SUBMITTING DOCUMENTS TO CLEAR IT
BUT NOW WE DONOT HAVE GREEN CARD OF OUR CUSTOMER TO WHOM WE MAKE DISPATCHES AGAINST ADVANCE LICENCE
PLEASE SUGGEST WHAT WE DO NOW TO CLEAR IT
IT URGENT PLEASE SUGGEST
1. Is Excise Duty is Levied On Manufacturing
2. What is the Excise Duty Limit to register under excise, Today if this is Levied.
3. On Which Of the products does excise levies, On Every products or Only On Selected Products.
4. What is the rate of Excise Duty, is this same rate or different rates on different products.