Hi.. friends,
Query 1. If an invoice has been received from vendor, whch include excise & vat
i.e. basic value + Excise (i.e. 12.36% of basic value) + vat (i.e. 5.25% of basic + excise)
But quantity received is short.
So, basic value (i.e. assessable has been reduced), but excise & Vat has been claimed at the actual amount appearing in the origial invoice.
According to me Excise & Vat should also be reduced
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Query 2. As in case of Excise we have to maintain separate record of basic excise & cess
i.e. Cenvat of basic excise & cess to be adjusted only against basic excise & cess respectively.
Whether this type of co-relation is also required in case of Vat & Surcharge
According to this type of co-relation is not required
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Pls give ur comments with supporting if possible
CAclubindia
