New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Inventory mismatch of RM PM

Central Excise - Started By: - Pradip Sirsat - Dated:- 24-10-2015 Last Replied Date:- 30-10-2015 - Dear Team,the above subject mention, we have reconcile and found short inventory of RM PM.in this case can we reverse excise duty. kindly request give your opinion with reference.Regards,Pradip - Reply By KASTURI SETHI - The Reply = Yes you will have to reverse cenvat credit along with interest on the raw material found short.If you do it on your own, no SCN will be issued. No penalty will be impos .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ise duty is required to be paid on the Value of the quantity of finished goods, which could have been manufactured from such raw materials found short. - Reply By YAGAY AND SUN - The Reply = CENVAT Credit - Reversal of CENVAT credit solely on the ground of physical stock taking. In this matter, it has been held by the Hon ble Tribunal that reversal of credit on the raw material and the demand of duty on the finished goods solely on the ground of physical stock taking done by the assessee is not .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t free to Allow/Disallow/Quantify the Reconciliation provided by the assessee for shortages the of raw materials found in the factory premises.Department may allow such reconciliation if the difference found short is negligible and within limits.Further, it is at the discretion of the department to Agree/Disagree to such reconciliation of stock', else department may carry out further investigation both within and outside the factory premises for the inputs procured , finished goods manufactu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version