Wat is the point of view about theft stock from factory ( not finish product) of excise and vat ?
Amit Prakash Singh (Accountant) (295 Points)
16 February 2011Wat is the point of view about theft stock from factory ( not finish product) of excise and vat ?
Harsha
(Chartered Accountant CS (Final))
(227 Points)
Replied 16 February 2011
The department may object availment of Cenvat Credit under Central Excise/ Set off under VAT as the inputs is not used for manufacture of dutiable/taxable sales.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 17 February 2011
ascertain the stock quantity/ value/ cenvat /vat credit taken, reverse the same in RG23A-Part 1 for quanity and RG23A- Part2 for cenvat credit,
follow the same procedure for VAT also.
Amit Prakash Singh
(Accountant)
(295 Points)
Replied 17 February 2011
Dear Sir,
Is this reverse acording to current rate excise duty or as previous as mention in bill of theft stock
Harsha
(Chartered Accountant CS (Final))
(227 Points)
Replied 17 February 2011
The credit availed earlier needs to be reversed i.e in earlier rate. Rule 3(5) of Cenvat Credit Rules, 2004.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 17 February 2011
reversal is always done @ rate of duty credit taken.
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