23 September 2012
Dear Sir/Mam, I am working with mfg. co. We manufacture the Auto Parts. we sailing the auto parts. But some times Our buyer Reject our material.And they reject our material which already received buyer and they also reject our material which is our Warehouses.After rejection the material from buyer we are issue that material to our plant for reprocessing. My query is what entry pass in our Excise records and how we maintain the FORM V register which is related to Rejected material.And how we make the entry in FORM V..
26 October 2012
If your products is return to the factory as such, you will take the cenvat credit on that return goods as an input. after re-processing you can clear the goods. If return goods is scrap then at the time of clearing the scrap pay the excise duty.