Hi
While working on Excise Returns, in Purchase details, I have come across the term 'Non Modvat' .
Kindly expalin this.
2 Replies
ACCOUNTANT
(Student)
(559 Points)
Replied 29 October 2011
Probably those would include the items.........which are not vatable......ie. those on which vat cannot be levied
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 29 October 2011
quarterly returns are meant for assessee who are availing benefit of notification 8/2003 as amended, for clearance of goods upto 150 lacs WITHOUT AVAILING CENVAT CREDIT. hence all purchase of inputs are "non modvat" upto 150 lacs of clearance. ( exception is only purchase of capital goods)
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