Wat is the point of view about theft stock from factory ( not finish product) of excise and vat ?
Wat is the point of view about theft stock from factory ( not finish product) of excise and vat ?
The department may object availment of Cenvat Credit under Central Excise/ Set off under VAT as the inputs is not used for manufacture of dutiable/taxable sales.
ascertain the stock quantity/ value/ cenvat /vat credit taken, reverse the same in RG23A-Part 1 for quanity and RG23A- Part2 for cenvat credit,
follow the same procedure for VAT also.
Dear Sir,
Is this reverse acording to current rate excise duty or as previous as mention in bill of theft stock
The credit availed earlier needs to be reversed i.e in earlier rate. Rule 3(5) of Cenvat Credit Rules, 2004.
reversal is always done @ rate of duty credit taken.
CAclubindia
