Procedure - return of stock, Central Excise

[Kafeel]

WE purchased raw materials in April`08 and availed excise cenvat credit & VAT.Due to closing of that particular business, we decided to return the entire stock of Raw materials to supplier.Can you enlighten what the procedure to adopt under Excise and VAT.

Posts / Replies

[Madhukar N Hiregange]

Under central excise reverse the duty credits availed and bill back to the supplier after establishing under which invoice it came. The consideration maybe different but excise would be the same. Under VAT since the credit is available on the same price back to the supplier charge the VAT.