Supose we have ordered for 1000 kg of liqued CO2 @ Rs. 7 Per Kg, Excise Duty 12%, Education Cess 2% and HSEC 1%. When material Received I have found that that material is only 900 Kg. We have pay to party 900*Rs.7/Kg= 6300, Basic Excise Duty paid on 1000*7=7000*12% ie Rs. 840 E. Cess 840*2% = 17 and HSEC 840*1% = Rs.8 Total amount of duty paid Rs. 865. Now my Question is this how many amount we should take as Modvat Cradit. Total Amont 840+17+8 = 865 or 900*7 = 6300*12% ie 756 +15+8 = 779.
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