MRP valuation
This query is : Resolved
24 July 2009
asking through example.
suppose MRP value 21500 less abatment 38% hence assable value RS 13020/ excise @14% i.e.1822.80 is taken correctly but due to system problem assable value is shown in invoice is 12800 add duty amount as above i.e. 1822.80 =14622.32 is recovered frm customer is as above..
is it proper treatment...? since duty amount is correct as per MRP rules but invoice price recovered from party is different .
suppose MRP value 21500 less abatment 38% hence assable value RS 13020/ excise @14% i.e.1822.80 is taken correctly but due to system problem assable value is shown in invoice is 12800 add duty amount as above i.e. 1822.80 =14622.32 is recovered frm customer is as above..
is it proper treatment...? since duty amount is correct as per MRP rules but invoice price recovered from party is different .
24 July 2009
Should notbe a problem. Audit party may enquire.
Message likes :
1 times
24 July 2009
in above case maximum cases are same..n concerned party is a related party...& actual sales value is some time lower & some time higher..is there any noncomplience of statute..?
in above case maximum cases are same..n concerned party is a related party...& actual sales value is some time lower & some time higher..is there any noncomplience of statute..?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- Transporter Declaration form
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Copyright software
- FORM 26A APPLICABILITY
- Tds UNDER SECTION 195 INTEREST PAID TO NRI DIRECTOR
- Clarification on TDS Applicability
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
