Excise querry

@ Riswa, If your supplier has passed on the modvat credit to you via the modvat copy (Duplicate for transporter copy), then ensure that in the name of the consignee the Name and address of your supplier and in the Buyers column, your compnay name, address and ECC no is mentioned, If so then you can avail the Modvat credit.

The entry for purchase (Simple Bill) will be (Purchase Entry);

Purchase A\s Dr

Vat A\c Dr 

To Suppliers Account.

For taking the Modavt credit as per the Excise Gate pass (Journal Entry);

Excise duty @ 12% (Cenvat) Dr

Edu.cess @ 2% (Cenvat ) Dr.

Higher Sec Ed.Cess 1% (Cenvat ) Dr

Addl Excise duty 4% (Cenvat) Dr

To Modvat Credit Account.

Hope you understand the effects of the above entry. 

This is what I follow in my company. 

PS: Experts, if there is any mistake in my reply, please correct me and help Riswa.

Regards

Anandan.s

Thanx for replying.

for pasing credit you need first stage deler bill reuire

Dear Mr,Anandan,

pls. expla. with takeing some figure , 

and diffrence between cevat and modvat 

Regards

Shrikant

Here the fundamental issue is whether CENVAT can be passed to you through your supplier as your supplier is not the manufacturer.The supplier can pass the Credit only in following situations:

a)Your supplier is a first stage dealer,or

b)The Excise invoice show supplier as purchaser but you as a consignee.

In both the situationsyou can take the credit as you tke for other inputs.