If we purchase any capital goods on unsecured loan, can we take input cenvat creidit this type of transaction.
Invoice received Bill to , Ship to Transaction
Supplier despatch the machines to consignee on behalf of buyer against unsecured loan, payment made by buyer to supplier. consignee recived the machine on unsecured loan
THANKFULLY WE ACKNOWLEDGE THE REPLY OF MY QUERRY WHICH IS NOT AS PER MY QUERRY RAISED IN MY MAIL UNDER REFERENCE NOW GIVE POINT TO POINT REPLY FOR MY QUERRIES WITHOUT SKIPPING OBJECT OF THE PROBLEM. PLEASE READ AND GO THROUGH THE CONTENT OF MY QUESTIONS.
1. WE ARE THE MANUFACTURERS OF UNMANUFACTURED TOBACCO FALLING UNDER CH. 24011090 ALSO IN FOURTH SCHEDULE, SO THEREFORE WE HAVE TO FILE ER1 RETURN AS PER THE ALERT AND GUIDELINES GIVEN BY YOUR ALERTS AFTER THE INCEPTION OF THE GST. AS THIS PRODUCT ALSO ATTRACTS 14% +14% GST PLUS 71 % COMPENSATION CESS. NOW CLARIFY HOW AND WHERE TO FILE RETURNS BY KEEPING IN MIND OF PUTTING ALERT ON ACES PORTAL AFTER GST. THESE PRODUCTS STILL COVERED UNDER CENTRAL EXCISE ?
PLEASE ALSO FIND SCREENSHORTS OF YOUR CRYSTAL CLEAR ALERT AND OTHER ALERTS?
AS SUCH WE HAVE FILED ER1 RETURNS W.E.F 01/07/2017 TO 31/03/2019 ON YOUR ACES MODULES JUST TO OBEY YOUR ALERTS AND GUIDELINES AND MAKING PAYMENT OF 71 % CESS ON EASIET EXCISE MODULES ON ACES PORTAL TILL DATE,
NOW WHAT WE HAVE TO DO ? TO CONTINUE TO FILE OR MAKE PAYMENTS ON EXCISE PORTAL ON CBIEC.GST OR GST SEPARATELY AND REFLECTING BOTH IN EXCISE AS WELL AS GST PORTAL ?
PLEASE LOOK INTO THIS MATTER AND ADVISE US ACCORDINGLY AND CLARIFY THE ABOVE QUERRIES.
MAHESH TOBACCO CO.
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).
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.