Excise invoice trading company

1493 views 3 replies

Nimesh Sanghrajka

Director

24 Points Joined October 2011

Kindly let me know. We are a trading company and forgot to issue a excise invoice to a customer last month for an invoice of Rs 11 lacs. Can we now issue the excise invoice in the current date and forward the same to the customer for him taking the modvat credit

Replies (3)

HS Negi

Senior Executive- F&A

590 Points Joined January 2009

Dear Sir,

Please take the sales return & re-issue the same with complete docs.

Regards.

CA Nitin Karmalkar

Senior Associate

70 Points Joined October 2011

Dear Sir,

As Negi is telling to show it as sales return & again reissue the invoice it may be litigated in future. B'coz if we show it as sales return then your customer require to pay atleat sales tax. And for re-issue of same material you will also require to pay sales tax. So instead of this, My suggestion is that you issue invoice with normal dity calculation & pay interest for delayed days. Interest calculation will be day wise.

U S Sharma

glidor@gmail.com

21068 Points Joined January 2010

Originally posted by : CA Nitin Karmalkar
	Dear Sir, As Negi is telling to show it as sales return & again reissue the invoice it may be litigated in future. B'coz if we show it as sales return then your customer require to pay atleat sales tax. And for re-issue of same material you will also require to pay sales tax. So instead of this, My suggestion is that you issue invoice with normal dity calculation & pay interest for delayed days. Interest calculation will be day wise.

sales return within 180 days does not need to pay sales tax or repay sales tax (VAT)

dealer can not pay interest on excise, instead once the invoice is skipped, he can not issue it on later stage, as its "transport document", so the advise of Mr Negi is 100% correct to save the situation.