exicse query

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i am in an audit of a firm which maintains RG 23 register.

RG 23 - for stock registers have also been maintained.

they sometimes take quantity in the stock register in april and take its credit in the next month.

can this be done?

thanks

 

Replies (8)

hiii dear.....

yaa it can be done. coz credit can be carry forward by month by month.

if credit is not available in books than excise duty paid through pla registre it means cash. okk

It is O.K ,party can take credit in 23A part-11 with in six of invocce date. But u can raise Audit objection by recording that PLA amount can be reduced for the month of April by taking  and utalising credit in April for excisable inputs received in April.Party is incurring one month interest  on amount for which credit is taken in may .Cenvat credit is available on receipt of material as per Central Excise Act.

It is O.K ,party can take credit in 23A part-11 with in six of invocce date. But u can raise Audit objection by recording that PLA amount can be reduced for the month of April by taking  and utalising credit in April for excisable inputs received in April.Party is incurring one month interest  on amount for which credit is taken in may .Cenvat credit is available on receipt of material as per Central Excise Act.

Dear Sir,

 We have purchased machinery (capital goods) before six month of excise registration. Can we avail & utilize 50% credit in current year?  If yes, when will  use balance 50 % amount ? what is procedure?

 

Thanx.

I  Yes Cenvat credit can be availed after receipts of material in any month,  but not before the receipts of material, If you have not   availed  cenvat credit by any reason, then you can avail cenvat cr in any month.

II, Dear Rajendra,

 Yes you can avail the Cenvat Credit 50% in current year & utilise, and 50% in next year in April'2010 (as op bal 50% for the Year 2009-10)

 

 

 

Dear Rajendra,

 you can avail the Cenvat Credit 50% in current year & utilise, and 50% in next year in April'2010 but u must have possession of machinery (capital goods) .

thanks for the reply

but can pla substance be explained in detail

 

the amount of PLA has to be deposited up to 5th of following month and in case of E-Payment 6th of following month


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