Sett offf
This query is : Resolved
08 January 2014
My client has purchase goods for dealer who has purchase directly from manufacturer and that dealer has mention of my clients purchase bill about passing off MODVat credit directly form manufacturer to my client..
so, can my client take ModVat credit in this case
so, can my client take ModVat credit in this case
08 January 2014
My client has purchased goods from distributer and that distributer has purchased goods from manufacturer...
Manufacturer has charged excise to distributer but that distributer has passed that excise duty to my client on purchase bill
So, In this case can my client eligible for taking excise credit
Manufacturer has charged excise to distributer but that distributer has passed that excise duty to my client on purchase bill
So, In this case can my client eligible for taking excise credit
Guest
Guest
(Expert)
08 January 2014
ya you can claim that excise amount provided the distributor is registered as first/second/third stage dealer.Check the bill it is written on the top and also check the details he furnished about the manufacturer.
08 January 2014
how we have to make accounting of that ModVat which second stage dealer has passon to us through bill
Guest
Guest
(Expert)
08 January 2014
Purchase account Dr.
Excise Modvat Recoverable AccountDr.
Excise Education Cess Recoverable Account
Excise H.Edu Cess Recoverable Account
To Creditors Account
Purchase account Dr.
Excise Modvat Recoverable AccountDr.
Excise Education Cess Recoverable Account
Excise H.Edu Cess Recoverable Account
To Creditors Account
08 January 2014
AS per Central excise act read with CENVAT Credit rules, Excise duty levied up to 2nd stage dealer only. Then CENVAT Credit eligible upto 2nd Stage dealer only.
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