Entry for sales return of exciseable goods

568 views 2 replies

Dear/Madam,

 

i heve sale a materail (exciseable goods) about 600 kg. basic amount 100000/- excise duty(12.36%) 12360/- vat (2.75%) 3090/- on excise invoice

 

but party rejected some material(on excise invoice) about 20.40 kg. basic amount 3400/- excise duty 420/-, vat (6.05%) 231/- sending an excise invoice.

 

my question is how can i pass entry for this invoice(rejected material) whether i have to pass purchase entry or sale returns entry in the books of account. we have not any material on this rate of vat (6.05%) we have only one material at 2.75% vat rate.

Replies (2)

making a fresh enty is better option to get vat credit, however you c an issue credit note for the goods and cenvat, but you will loose the extra vat paid  

You should pass the entry as per purchase of inputs and take cenvat credit of excise charged by party


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