Price reduction for post clearance under excise and vat
This query is : Resolved
30 April 2013
we are manufacture of die casting components. sold components to our customers, on cost of rs.100 each with excise duty and VAT.
suddenly the Raw material cost been reduced from 100 to 80 rs. after clearance. customer sent a debit to us. 20 rs.with excise duty and vat.
in that case how can we treat this.
can we apply it for Refund.like excess payment on sales.
2. can we take recredit.the excess credit
please suggect.
please give clarificaiton about his issue
we are manufacture of die casting components. sold components to our customers, on cost of rs.100 each with excise duty and VAT.
suddenly the Raw material cost been reduced from 100 to 80 rs. after clearance. customer sent a debit to us. 20 rs.with excise duty and vat.
in that case how can we treat this.
can we apply it for Refund.like excess payment on sales.
2. can we take recredit.the excess credit
please suggect.
please give clarificaiton about his issue
Arun Kumar Singh
(Expert)
04 May 2013
You will pay the duty at the rate of Rs. 100/- not to pay the duty on Rs. 80/-. At the time of goods have been cleared from the factory assessable value was 100.
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