Cenvat claim

CA Mohit Garg (CS Student) (213 Points)

04 July 2013  

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


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


Pls give ur comments with supporting if possible