When we purchased the goods, then we book Cenvat credit on such purchase.When we send such such goods to the job worker, then no reversal is required as per Cenvat Credit Rule.But if job worker not return such goods after processing within 180 days then we have to reverse the Cenvat credit already booked and pay to the government as per Cenvat Credit Rule.
Now my question is what is the accounting entry in the case of such reversal of Cenvat Credit on 180th day?
And what is the accounting entry when we receive the processed goods from Job worker?
Entrie only regarding Cenvat Receivable (Input)
CAclubindia
