ICICI

Cenvat credit on job work


CA. A. K. GUPTA (HOD (Accounts Dept))     01 April 2012

CA. A. K. GUPTA
HOD (Accounts Dept) 
 178 likes  1425 points

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Dear Sir/Madam,

                  Plz solve my problem.

(1) co A sends raw material(cost=Rs 50,000) to co. B for job work on challan 57f4 to co B. but co B sends finished goods on sale invoice [ ( Rs.1,00,000),    raw material =50,0000+  exps on manufacture = 40,000 +  profit= 10,000) ]    & does not close challan within 180 days. what will be the consequences in this situation.?

 

(2) suppose after 180 days, co A sends sale invoice of raw material sent by challan to co B with excise duty. in this situation, whether co A has to reverse cenvat credit on raw material  or not? 

 

(3) in situation(2), whether co B can take cenvat credit on invoice sent by co A?

 

 

plz help urgently

avater

Rakshit (practising)     01 April 2012

Rakshit
practising 
 28 likes  338 points

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Law on job work is very simple in central excise. your query is unclear.

 

Regards

 

R C Verma

09810525780

avater

Ch.Venkata Ramana (commercial Manager)     04 April 2012

Ch.Venkata Ramana
commercial Manager 
 1 likes  138 points

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B SHOUD CLOSE CHALLAN WITH IN 180 DAYS ARE WITH IN THE LIMITED THROUGH SUBSIDIRY CHALLAN TO CO.A AND CLOSE THE ACCOUNT

 

CO A ONLY RAISED  SALES INVOICE  TO OTHER COMPANY

 

THIS IS THE ONLY SOLUTION FOR THE ABOVE PROBLEM

 


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