Raw material clasification

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2013 What is the importance of clasifying raw material as imported and indigenious materila in both financial audit report and cost audit report.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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04 October 2013 Raw materials are the components that are used in the making of a product. It is the basic material that is used in the manufacture of a final product. For instance, the main ingredient of chocolate is cocoa, thus making it its raw material, on the otherhand if you import the goods from domestic market under EPCG scheme can avail the cenvat @ AUDIT CHECK WITH carefully.

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