Dear Experts,
We have completed annual stock taking form 01/10/13 to 10/10/13 means we have not done any transaction in the inventory after 30th Sep-13 in our excisable warehouse where all Cenvated inputs stored, after stock taking there is some negative variance(found short qty. of goods of some parts) in the excisable inventory and subsequently we got written off the value of the same negative inventory from the books of accounts.
Specific questions
- what is the provision in this regards as far as Central excise is concerned,
- if there is any liability to pay the duty/amount on this inventory shortage then by when this liability should be discharged i.e whether this should be discharged on monthly basis on 6th of Nov-13 as we have done the counting and subsequently found short inventory in the month of Oct-13 and write off the inventory value from the books of accounts or it should pay the day when we write off the inventory.
Pls. enlighten us with the relevant reference.
Regards,
Sanjay Sharma