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
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