Dear all,
kindly inform how to pass the reversal entry and procedure for the rejection of excise invoice due to rejected by quality department or excess quantity supplied by the vendor.
1 Replies
HS Negi
(Senior Executive- F&A)
(590 Points)
Replied 17 August 2010
Dear Sir,
you have to reverse the equal to cenvat credit that you have taken in the time of making GRR (input duty credit in Part-2) in respect of rejected goods. You should to show the reverse entry in ER-1 retrun in the coloumn of input & capital goods removed as such. I suppose you have a SAP system, Then following entry to generated .
1. At the time of Capture of cenvat on invoice
Basic Excise Duty rec on Inputs Dr.
Ed. Cess rec on Inputs Dr.
Modvat Clearing Cr.
2.in case of rejection it will be
Modvat Clearing A/c Dr..
Excise duty Clearing ( Liability a/c) Dr.
Cess duty Clearing ( Liability a/c) Dr.
Regards,
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