excise reconciliation

This query is : Resolved 

25 June 2010 how to reconcile excise return with books....

25 June 2010 there is a Daily Stock Account maintained Under Rule 10........Check it and compare with the Excise Invoice, and Cross very the same from the Cenvat Credit A/c and RG Books.

25 June 2010 You need to following records to reconcile excise records

1. Details of Input Credit
2. Details of Output Tax Liability
3. Details of Purchase (under excise invoice)
4. Details of Sales (including exemption sales)
5. Details of Excise Duty payment
6. Details of Stock available (Excise able goods)

First reconcile Purchase with input credit accounted
Second reconcile sales with output liability
Adjust credit available with output tax, and reconcile with payment
Closing of CENVAT credit available in books should match with input excise duty on closing stock.

I hope above procedure will help you some extent.





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