Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

what will be the stock treatment of excisable sold goods are returned from buyer

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Dear Experts, we are manufactured Excisable (Dutiable Goods) and sold to domestic market for that we are maintaining RG-1 (Daily stock register ) . after selling, sometimes party returned some defected / breakage / poor condition goods. those returnable goods we will not use for reconditioning / repairable actually al returnable goods are scrap for us and we are cleared as scrap so what will be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... treatment for this goods return transaction for stock quantity ? should i require to shown in RG-1 ? and what will be financial treatment will be given to party ? what will be the treatment of excise duty? pls. guide us how to maintain it ? and how to show this goods return transaction. regards, Manan Pandya - Reply By Mahir S - The Reply = Sir, If no cenvat credit is availed on receipt of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rejected goods from the buyer, then no need to pay any duty for clearance as Scrap and no need to show it in the RG 1 register. You shall have to issue a credit note to them. - Reply By manan pandya - The Reply = thaank you sir, for your reply but party has charged debit note with excise effect therefore i have to give excise credit to party in this case what should we do? these all goods are .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... not usable for us . they will be sold as scrap.. so how to maintain record and which effect will be given and where? pls. advise.. regards, Manan pandya cell:8511678709 - Reply By YAGAY AND SUN - The Reply = Dear Manan, Since the returned goods are being scrapped and you have to give back the entire amount (including Central Excise Duty), therefore, in our view you would have to bear lo .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ss of excise duty. Further, if the goods are being returned within six months from the date of invoice, then, you can claim the VAT/CST in your VAT/CST returns. Regards, YAGAY and SUN (Management, Business Indirect Tax Consultants) - Reply By Mahir S - The Reply = Sir, You may avail the cenvat credit on rejected goods and show it in your cenvat account register, but will have .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... to reverse the total credit availed when cleared as scrap. You may show the scrapped goods in RG 1 register - scrap section, at the time off clearance as scrap, with remarks that it pertains to the rejected goods received back vide so and so invoice from the customers. regarding making entries in your financial books of accounts, you shall have to take guidance from a chartered accountant. - wh .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... at will be the stock treatment of excisable sold goods are returned from buyer - Query Started By: - manan pandya Dated:- 25-6-2015 Central Excise - Got 4 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates