Factory is removing machinery parts for job work, they are preparing only RGP. It does not mention any excise element on that. Further excise person is tracking it on monthly basis and not when goods are sent out. Please tell me whether excise is applicable on machinery parts and the same should be mentioned on RGP. What should be treatment in accounts for parts sent out for job work.
hi...... first u have to mantain your RGP register seperately. and if the goods sent on job work are excisable goods then it should be noted that the goods will be returned within 180 days. if not then any excise credit is to be reversed back and to be paid into government account. however, again credit will be available when the goods retuned back. ....and it may be not necessary to mention excise amount in RGP.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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