reversal of credit availed becasue of rate difference.
This query is : Resolved
27 September 2009
We are a manuf. unit.
Suppose we have availed credit on purchase made my us at price 110 for a raw material.Afterwards it was known that price is 100. We raised debit not to the party because of price difference. We availed credit on price 110.
While raising debit not do we need to reverse excess credit availed on 10.
Does the supplier is eligible to claim credit again on the basis of debit not raised by us.
Please explain what treatment to be done.
Suppose we have availed credit on purchase made my us at price 110 for a raw material.Afterwards it was known that price is 100. We raised debit not to the party because of price difference. We availed credit on price 110.
While raising debit not do we need to reverse excess credit availed on 10.
Does the supplier is eligible to claim credit again on the basis of debit not raised by us.
Please explain what treatment to be done.
29 September 2009
You can take the Cenvat which is already paid by the party.
Your party cannot take cenvat again basing on the debit note.
Your party cannot take cenvat again basing on the debit note.
Guest
Guest
(Expert)
09 November 2009
You have to reverse the excess credit and Supplier can also reverse and take recredit.
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