Hi
While working on Excise Returns, in Purchase details, I have come across the term 'Non Modvat' .
Kindly expalin this.
Hi
While working on Excise Returns, in Purchase details, I have come across the term 'Non Modvat' .
Kindly expalin this.
Probably those would include the items.........which are not vatable......ie. those on which vat cannot be levied
quarterly returns are meant for assessee who are availing benefit of notification 8/2003 as amended, for clearance of goods upto 150 lacs WITHOUT AVAILING CENVAT CREDIT. hence all purchase of inputs are "non modvat" upto 150 lacs of clearance. ( exception is only purchase of capital goods)
CAclubindia
