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
CAclubindia
