Issues in er-1 return filling
This query is : Resolved
11 June 2015
Dear Sir,
When I filed ER-1 return, following issues are observed in Return.
1.There are calculation errors in the duty payable amount!
2.The entered rate of duty does not exist as a valid rate of duty!
3.Figures of the opening balance in the current return and the closing balance in the previous filed return do not match.
4.The amount you have declared as paid through account current does not match with the cash you have deposited.
5.Cross credit utilization is not proper.
Please help me to resolve these issues.
When I filed ER-1 return, following issues are observed in Return.
1.There are calculation errors in the duty payable amount!
2.The entered rate of duty does not exist as a valid rate of duty!
3.Figures of the opening balance in the current return and the closing balance in the previous filed return do not match.
4.The amount you have declared as paid through account current does not match with the cash you have deposited.
5.Cross credit utilization is not proper.
Please help me to resolve these issues.
12 June 2015
You need to put correct information at the time of filing ER-1 or consult with any professional.
18 June 2015
Dear Sir,
Excise duty has been changed from 12.36% to 12.5% so I entered in the column of basic duty rate is 12.50%.
& Cross credit utilization means what ....?
Please reply.
Thanks & regards,
Excise duty has been changed from 12.36% to 12.5% so I entered in the column of basic duty rate is 12.50%.
& Cross credit utilization means what ....?
Please reply.
Thanks & regards,
02 August 2024
Resolving issues in ER-1 returns, which are filed under the Central Excise Act, involves addressing each error systematically. Here’s how you can tackle the issues you've described:
1. Calculation Errors in Duty Payable Amount
Steps to Resolve:
Verify Calculations: Check all calculations related to duty payable, including any additions, deductions, and adjustments. Ensure that all figures match the supporting documents and the correct formulas are used.
Cross-Check with Records: Compare the figures with your internal records to ensure that the amounts entered in the return are accurate.
2. Invalid Rate of Duty
Steps to Resolve:
Verify Duty Rate: Confirm that the rate of duty you have entered is correct and applicable for the period of the return. Since excise duty rates can change, ensure you are using the updated rate.
Consult Notifications: Refer to the latest notifications or circulars from the CBEC (Central Board of Excise and Customs) to confirm the applicable duty rate.
Update the Return: If the rate of duty has changed, make sure you are using the correct rate in your ER-1 return.
3. Mismatch in Opening and Closing Balance
Steps to Resolve:
Reconcile Balances: Compare the opening balance in the current return with the closing balance from the previous return. Ensure that all adjustments and corrections have been accounted for.
Check Previous Returns: Review the previous return to ensure the closing balance was correctly reported. Adjust the opening balance in the current return if necessary.
Ensure Continuity: Make sure that all data has been carried forward accurately.
4. Mismatch in Amount Paid through Account Current
Steps to Resolve:
Verify Payments: Confirm that the amounts declared as paid through the account current match the actual cash deposits made.
Reconcile Transactions: Cross-check the payments made with the bank statements and accounting records to ensure consistency.
Correct Errors: Adjust any discrepancies between the declared amounts and actual payments.
5. Improper Cross Credit Utilization
Steps to Resolve:
Understand Cross Credit Utilization: Cross credit utilization refers to the use of credit from one head (such as input credit) against another head (like duty payable). Ensure that credits are utilized correctly as per the rules.
Verify Credit Utilization: Check that all credits have been utilized appropriately and in accordance with the provisions of the Excise Act.
Correct Usage: Ensure that credits are not being misapplied or used inappropriately.
General Tips for Filing ER-1 Returns:
Double-Check Entries: Review all entries carefully before final submission.
Refer to Manuals and Guides: Use the official CBEC guide for ER-1 returns to understand the correct procedures and formats.
Seek Professional Help: If errors persist, consider consulting a tax professional or excise consultant for guidance.
Summary
Calculation Errors: Verify calculations and cross-check with records.
Invalid Duty Rate: Ensure the correct and updated duty rate is used.
Balance Mismatch: Reconcile opening and closing balances accurately.
Payment Mismatch: Match declared payments with actual deposits.
Cross Credit Utilization: Ensure proper utilization of credits according to rules.
Address each issue with careful verification and correction to ensure compliance and accurate filing of your ER-1 return.
1. Calculation Errors in Duty Payable Amount
Steps to Resolve:
Verify Calculations: Check all calculations related to duty payable, including any additions, deductions, and adjustments. Ensure that all figures match the supporting documents and the correct formulas are used.
Cross-Check with Records: Compare the figures with your internal records to ensure that the amounts entered in the return are accurate.
2. Invalid Rate of Duty
Steps to Resolve:
Verify Duty Rate: Confirm that the rate of duty you have entered is correct and applicable for the period of the return. Since excise duty rates can change, ensure you are using the updated rate.
Consult Notifications: Refer to the latest notifications or circulars from the CBEC (Central Board of Excise and Customs) to confirm the applicable duty rate.
Update the Return: If the rate of duty has changed, make sure you are using the correct rate in your ER-1 return.
3. Mismatch in Opening and Closing Balance
Steps to Resolve:
Reconcile Balances: Compare the opening balance in the current return with the closing balance from the previous return. Ensure that all adjustments and corrections have been accounted for.
Check Previous Returns: Review the previous return to ensure the closing balance was correctly reported. Adjust the opening balance in the current return if necessary.
Ensure Continuity: Make sure that all data has been carried forward accurately.
4. Mismatch in Amount Paid through Account Current
Steps to Resolve:
Verify Payments: Confirm that the amounts declared as paid through the account current match the actual cash deposits made.
Reconcile Transactions: Cross-check the payments made with the bank statements and accounting records to ensure consistency.
Correct Errors: Adjust any discrepancies between the declared amounts and actual payments.
5. Improper Cross Credit Utilization
Steps to Resolve:
Understand Cross Credit Utilization: Cross credit utilization refers to the use of credit from one head (such as input credit) against another head (like duty payable). Ensure that credits are utilized correctly as per the rules.
Verify Credit Utilization: Check that all credits have been utilized appropriately and in accordance with the provisions of the Excise Act.
Correct Usage: Ensure that credits are not being misapplied or used inappropriately.
General Tips for Filing ER-1 Returns:
Double-Check Entries: Review all entries carefully before final submission.
Refer to Manuals and Guides: Use the official CBEC guide for ER-1 returns to understand the correct procedures and formats.
Seek Professional Help: If errors persist, consider consulting a tax professional or excise consultant for guidance.
Summary
Calculation Errors: Verify calculations and cross-check with records.
Invalid Duty Rate: Ensure the correct and updated duty rate is used.
Balance Mismatch: Reconcile opening and closing balances accurately.
Payment Mismatch: Match declared payments with actual deposits.
Cross Credit Utilization: Ensure proper utilization of credits according to rules.
Address each issue with careful verification and correction to ensure compliance and accurate filing of your ER-1 return.
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
- GST Regis.
- Inventory of finished goods
- Sale of property furniture sale
- 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.
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Bogus purchase treatment for it act gst dealer
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- 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
