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quary related to Excise credit

EXICSE (Legacy) 585 views 2 replies

CA Pardeep Sharma

C.A.

65 Points Posted on 03 February 2011

If Any Company (A Ltd.) get short Quantity of Capital Goods and received invoice of Complete capital Goods. Which is fully paid by the A ltd.

Q1. Can A ltd. claim cenvat credit on complete bill value?

Q2. What happened if after some time such short Capital good received with another invoice of only Excise value on such goods?

Please reply fast

Replies (2)

Vinit

CA Final

188 Points Posted on 03 February 2011

Actually the adjustment to reverse of Cenvat to be done if the party adjusted it with another bill i.e one should claim lesser credit.. But generally it has been seen that large scale companies are ignoring it.

U S Sharma

glidor@gmail.com

21068 Points Posted on 03 February 2011

Originally posted by : CA Pardeep Sharma

If Any Company (A Ltd.) get short Quantity of Capital Goods and received invoice of Complete capital Goods. Which is fully paid by the A ltd.

Q1. Can A ltd. claim cenvat credit on complete bill value?

Q2. What happened if after some time such short Capital good received with another invoice of only Excise value on such goods?

- what is excise value? a) assessable value b) excise duty paid c) anything else apart from a and b?

- what the treatment supplier done for 2nd invoice ? is it supplimentary invoice to invoice 1 or fresh invoice?

Please reply fast