Reversal of excise
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2016
Hi all
I raised the excise invoice and after 15 days in the same month due some reason the price has been reduced, now my query is in the credit note can i reduce / reverse the excise duty or leave as it is the original excise duty amount. And same query for VAT also. pls advise me.
Eg. original invoice Excisable value 1000/-
excise duty charged 125/-
Revised excisable value 800/-
I raised the excise invoice and after 15 days in the same month due some reason the price has been reduced, now my query is in the credit note can i reduce / reverse the excise duty or leave as it is the original excise duty amount. And same query for VAT also. pls advise me.
Eg. original invoice Excisable value 1000/-
excise duty charged 125/-
Revised excisable value 800/-
Arun Kumar Singh
(Expert)
17 July 2016
Yes, you can reduce the excise duty on the basis of credit note.
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