Material Send to Customer from a manufacturer. Material loss in transit by theft. A fir is launched & transporter verified it.Customer give the short received note & credit note including th duty. Question is this how should manufacturer / materaial seller will debit the duty.? materila is not received back by the manufactuter. what the treatment of duty ?
4 Replies
Jeevesh Mehta
(Advocate- Corporate Commercial & Indirect Tax Advisory)
(861 Points)
Replied 26 May 2010
Dear Ravi,
You need to apply for remission of duty in your local excise range.
Regards
Arun Kumar Singh
(GST Advocate)
(15220 Points)
Replied 26 May 2010
If inputs are stolen, cenvat is required to be reversed. No remission can be granted as theft is not unavoidable accident.
harish sharma
(student)
(58 Points)
Replied 28 May 2010
dear
as per rule 21 remission of duty is availabe only before clearence of goods from factory
since goods are lost by theft while they are in transit hence no remission of duty is permissiable.
so far as the amount of duty not paid by the seller will be considered as personal expenses of assessee and charged to p&l a/c.
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
