Excise duty on capital goods
This query is : Resolved
22 February 2016
Dear sir,
We had purchased Several machinery invoiced in one bill. There was capital duty on the bill which we have availed. Now one of the machinery is to be sent back. I have reversed a portion pertaining to that materiaal in my books of accounts. The materail is being sent back with a credit not mentioning all the details of rejection and reversal of duty and cst. Also a notorised copy of the original bill and its bilty is sent to the seller.
Is this procedure correct? or we are suppose to send back this materila with our tax invoice.
We are sellers of Miled Steel Products which is under chapter heading 72. and this machinery was under heading 84.
The party is not ready to revers the credit on the Credit note sent by us the party is demanding for Tax Invocie.
Can we issue tax invoice under chapter heading 84?
Sir please reply.
We had purchased Several machinery invoiced in one bill. There was capital duty on the bill which we have availed. Now one of the machinery is to be sent back. I have reversed a portion pertaining to that materiaal in my books of accounts. The materail is being sent back with a credit not mentioning all the details of rejection and reversal of duty and cst. Also a notorised copy of the original bill and its bilty is sent to the seller.
Is this procedure correct? or we are suppose to send back this materila with our tax invoice.
We are sellers of Miled Steel Products which is under chapter heading 72. and this machinery was under heading 84.
The party is not ready to revers the credit on the Credit note sent by us the party is demanding for Tax Invocie.
Can we issue tax invoice under chapter heading 84?
Sir please reply.
23 February 2016
You need to issue tax invoice because you have already availed the cenvat. Ensure that you have availed 100% cenvat. Issue an invoice with a remark "Removal Under Rule 3(5)" mentioning all the details required on Excise Invoice. Also put a remark "Rejected & Returned". Reverse the cenvat availed in the Cenvat Register. For CST you can issue separate Credit Note, based on which seller can take set-off.
Message likes :
1 times
23 February 2016
sir, but how to availe 100% duty when the material is capital good
23 February 2016
When CG recd you must have availed 50%. Now avail Balance 50% and then make Invoice for Rejection. You are allowed to avail 100% if Cap Goods are removed as such within 1 year of its receipt.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
