Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174860 Points)
Replied 06 June 2017
CBDT press release dated 20.06.2016 clarified that higher threshold limit for non-audit of accounts has been given only to assesses opting for presumptive taxation scheme u/s 44AD of the Act. In other words, it means that turnover / total sales / gross receipt level fixed to be greater than Rs.1 crore attracting tax audit provisions u/s 44AB of the Act still prevails but assesses who claim benefit of section 44AD of the Act can avoid tax audit upto the total turnover limit of Rs. 2 crores even.
hariharan
(Auditing)
(103 Points)
Replied 06 June 2017
Thankyou Sir for your reply. I also refer that Press release already.
hariharan
(Auditing)
(103 Points)
Replied 07 June 2017
Hi sir Please clarify my doubts A Manufacturing concern is presently registered under Excise but not availing CENVAT credit and collect the Excise duty @ 2% and 5%VAT. After GST it product duty will be 12%. My doubts; 1.Incase the concern how much claim on its duty VAT is separtely in incoice but excise is not separtely in Purchase invoice. How much the concern take the credit whether 40% or Full.in what a manner?in its closing stock. please confirm. (present Excise 6% if taking CENVAT credit) 2. Assuming that the concern sell its product to trader @ 2% Excise and 5% VAT how much the credit the trader will taken up whther Excise duty @ 6% of 2% I am Awaiting for your valuable reply. if any please give your formats. If full credit is not taken by Manufacturing & Trader it will be loss to the business/product on its closing stocks. AS per GST Regime proff of Payment is enough to claim the duty. The concern have all purchase invoices but fails to have CENVAT invoice and excise is not sepately. Whether proof of payment is in invoice how to take excise credit whether to follow Price Cum Duty (or) 6% full credit (or) 40%
Read more at: /forum/excise-duty-and-vat-credit-after-gst-393809.asp
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