Shortage in Goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2009
Sir,
Will someone clarify me on the following issue:
We are a manufacturing concern and producing excisable goods.When we purchase the goods there is shortage of material when the same is delivered by the transporter.How this shortage is to be shown in our Books and whether this shortage can be claimed in Excise Books.What is the treatement for Excise and can the same be claimed as production loss and what is the Section under Central Excise.What is the production loss allowable under Excise laws.
Thanks
Sir,
Will someone clarify me on the following issue:
We are a manufacturing concern and producing excisable goods.When we purchase the goods there is shortage of material when the same is delivered by the transporter.How this shortage is to be shown in our Books and whether this shortage can be claimed in Excise Books.What is the treatement for Excise and can the same be claimed as production loss and what is the Section under Central Excise.What is the production loss allowable under Excise laws.
Thanks
29 December 2009
Dear candidate,
In your 1st question I would like to say that the shortage should be shown in Excise records. For shortage of Incoming material excise procedure is as below:
In R.M.(Raw material Received Note) note you should shown the shortage quantity. And duty amount (CENVAT)should be debited accordingly.
Hope it is clear to you,
Thanks and regards,
Ritu
In your 1st question I would like to say that the shortage should be shown in Excise records. For shortage of Incoming material excise procedure is as below:
In R.M.(Raw material Received Note) note you should shown the shortage quantity. And duty amount (CENVAT)should be debited accordingly.
Hope it is clear to you,
Thanks and regards,
Ritu
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
