Loan basis material
This query is : Resolved
Vishal K Pandagle
(Querist)
20 June 2015
what is meaning of loan basis material
CA R SEETHARAMAN
(Expert)
21 June 2015
Due to urgent requirement material taken on loan basis from another person which will be returned later.
For eg. A has got order from govt unit. the required raw materials was not available hence the govt unit has given raw materials on loan basis (which is excisable) thro delivery challan and also not availed modvat credit. now A has imported the material and returning raw materials.
For eg. A has got order from govt unit. the required raw materials was not available hence the govt unit has given raw materials on loan basis (which is excisable) thro delivery challan and also not availed modvat credit. now A has imported the material and returning raw materials.
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