Sales return accounting

This query is : Resolved

Prasanth VN (Querist)
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04 July 2007 In respect of Debit note received during 2005-06 from customer towards sales return and credit note accounted in the books of account in 2006-07 can we claim Cenvat credit for the excise portion. Also clarify whether cenvat credit can be taken for debit notes of customer raised in 2005-06 and yet to be accounted in the books of account, by now

Sanjeev Kumar Varshney

Sanjeev Kumar Varshney (Expert)
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07 July 2007 There is a specified procedures & documents eligible for taking Cenvat Credit of Excise Duty. It can not be taken based on Dr/ Cr Notes.The Cenvat can be taken based on excisable invoices issued by Customers for Sal;es Return or original Invoice raised by you.