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Input credit reversal

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Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2011 Dear CAs,
pl give solution to me. how to pass the reversal of Input credit of Excise duty for Non moving stock. i.e we sale the Raw materials as scrap. we were taken input duty at the time of purchase. now our Mangt. taken decision to sale the non moving stock. so that how to pass the journal entries.

Thanks &Regards.
S.Raj

U S Sharma

U S Sharma (Expert)
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31 August 2011 rejected inputs can be cleared as scrap, by taking the same in RG-1 as scrap and clearance on invoice by paying duty on assessable value.( invoice value)

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