Return of excisable goods
This query is : Resolved
dharmistha
(Querist)
19 September 2011
when a party sales excisable goods the entry is
By party a/c. Dr 9264
To Sales 4% 8000
To excise 10% 800
To Ed Cess 2% 16
To S& Hs Ed Cess 8
To Vat 4% 352
To Vat 1% 88
what wil be the entry for the return of same goods?
Is The following entry for reversal of excise duty is right?
By excise 10% 800
By Ed Cess 2% 16
By S& Hs Ed Cess 8
To Sales 4% 824
By party a/c. Dr 9264
To Sales 4% 8000
To excise 10% 800
To Ed Cess 2% 16
To S& Hs Ed Cess 8
To Vat 4% 352
To Vat 1% 88
what wil be the entry for the return of same goods?
Is The following entry for reversal of excise duty is right?
By excise 10% 800
By Ed Cess 2% 16
By S& Hs Ed Cess 8
To Sales 4% 824
U S Sharma
(Expert)
19 September 2011
on return of goods the entry will be reversed which is effected at the time of original sales, but dependent on the excise invoice issued by the client who has purchased and returned the goods,
without invoice excise can not be reversed.
without invoice excise can not be reversed.
Ajay Raghatate
(Expert)
20 September 2011
once you have Issued Excise Invoice, then you have to pay Excise Duty to govt.
In case of Sales Rtd. there are two options if customer has issue a invoice of that material, then you have to take credit of sales rtd goods as Input.
Entry - Sales A/c Dr
Cenvat on Inp Dr.
To Party A/c
( Suppose goods Sold but customer has not accepted, and returned then there will be same entry )
Suppose you are not eligible to avail cenvat credit
Sales A/c Dr
To Party A/c
In case of Sales Rtd. there are two options if customer has issue a invoice of that material, then you have to take credit of sales rtd goods as Input.
Entry - Sales A/c Dr
Cenvat on Inp Dr.
To Party A/c
( Suppose goods Sold but customer has not accepted, and returned then there will be same entry )
Suppose you are not eligible to avail cenvat credit
Sales A/c Dr
To Party A/c
21 September 2011
Bothe experts are correct
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