R.V.Durga Prasad (Student) (92 Points)
24 November 2011Dear All,
Please clarify the following we are sold to one Instrument to hyderabad party under interstate transaction. We have given MODVAT invoice but party rejected the goods after 15 days & returned the goods to us.
Kindly clarify how to show this in RG23 & how to recover / mention in monthly return.
It is very urgent. Please do the needful.
Advance thanks to all
Regards
Prasad
Jinu Kodasseri
(Executive -Commercial)
(73 Points)
Replied 25 November 2011
As per my understanding, u can take credit subject to following
1) if u have received the instrument in an Excise invoice ( for sales return) raised by the customer.
2) There is no damage to the product & it can be resold.
Regards,
Jinu
Sanjay Gujar
(Manager-SCM)
(55 Points)
Replied 25 November 2011
Excisable Goods can be reutrned by the customer alongwith the same Invoice of the manufacturer, if they have not availed cenvat credit. Or customer may avail CENVAT credit & return the same with his own excise invoice. On receipt of the rejected goods with excise invoice, you may take receipt entry in your Private Record, which may be Returned Goods Stock Register & you may avail CENVAT CREDIT. After that, you may issue the same for re-manufacturing or may clear the same as such. In case of clearance of rejected goods as such you have to pay duty equal to credit taken.
Sanjay Gujar
(Manager-SCM)
(55 Points)
Replied 25 November 2011
Excisable Goods can be reutrned by the customer alongwith the same Invoice of the manufacturer, if they have not availed cenvat credit. Or customer may avail CENVAT credit & return the same with his own excise invoice. On receipt of the rejected goods with excise invoice, you may take receipt entry in your Private Record, which may be Returned Goods Stock Register & you may avail CENVAT CREDIT. After that, you may issue the same for re-manufacturing or may clear the same as such. In case of clearance of rejected goods as such you have to pay duty equal to credit taken. The transactions of returned goods may be mentioned in the seperate row of ER1.
Sanjay Gujar
(Manager-SCM)
(55 Points)
Replied 25 November 2011
Excisable Goods can be reutrned by the customer alongwith the same Invoice of the manufacturer, if they have not availed cenvat credit. Or customer may avail CENVAT credit & return the same with his own excise invoice. On receipt of the rejected goods with excise invoice, you may take receipt entry in your Private Record, which may be Returned Goods Stock Register & you may avail CENVAT CREDIT. After that, you may issue the same for re-manufacturing or may clear the same as such. In case of clearance of rejected goods as such you have to pay duty equal to credit taken. The transactions of returned goods may be mentioned in the seperate row of ER1.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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