AmolM (Audit Assisstant) (55 Points)
15 December 2015Whether unit of quantity mentioned in ER1 return should be same as mentioned in Sales Invoice?
For the month of May, unit of quantity was cubic metre & closing balance was 1000 cu.mtr. For the month of June the UOQ was KG and opening balance was 1000 kgs. Sales invoice is being prepared on cubic metre basis throughout.
Product manufactured is AAC Blacks used for construction purposes.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 15 December 2015
you have to follow any one unit of measure under excise
if you have opted CuMeter then you excise invoice will be CuMeter basis only,
though you are set free to make comercial invoice in your choice,
but you have to make ready the co-relation chart between CuMeter and Kgs,
as Kgs can not be Cu Meters and vice versa Cu Meters can not be Kgs
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 15 December 2015
The stock records should be maintained such that both the measurements are covered - the conversion factor should be standard and verifiable from technical books. The list of records required to be disclosed should contain the fact that the quantities are different and how they have been co related.
CAclubindia
