Excise Credit when Difference in PO & Invoice
This query is : Resolved
18 June 2011
Case - Supplier has issued invoice for Rs. 150
on which Excise has been Charged @10.3% Rs. 15.45 and VAT @ 12.5% Rs. 20, Totaling to Rs. 186.13.
However as per PO Rate was Rs. 100 (instead of Rs. 150) and Excise was Rs.10.30 ( isntead of Rs.15.45).
While booking the Invoice in System by Purchaser - invoice is booked as below -
Basic Rs. 100 + Excise Rs.15.45 + VAT Rs.14.43
Query - Whether Excise Credit Taken of Rs. 15.45 instead of Rs. 10.30( as per PO) is correct when bill rate passed for lower rate,
on which Excise has been Charged @10.3% Rs. 15.45 and VAT @ 12.5% Rs. 20, Totaling to Rs. 186.13.
However as per PO Rate was Rs. 100 (instead of Rs. 150) and Excise was Rs.10.30 ( isntead of Rs.15.45).
While booking the Invoice in System by Purchaser - invoice is booked as below -
Basic Rs. 100 + Excise Rs.15.45 + VAT Rs.14.43
Query - Whether Excise Credit Taken of Rs. 15.45 instead of Rs. 10.30( as per PO) is correct when bill rate passed for lower rate,
19 June 2011
credit is available on invoice basis, and how a purchase can be booked on purchase order basis?
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
- Cess ledger credit balance
- Filing of Appeal Form No. 35
- New GST Registeration
- TDS refund on cancellation of agreement of sale
- GST Rate on Restaurant Service
- How to pass your CIPD assignments?
- Registration of Firm- Form E
- Difference in taxation of company leased car
- ITC available on QIP Expenses
- AS-16 Treatment of Borrowing cost for land and building
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
