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TMI BlogCenvat Credit Balance Mismatch Between ER-1 & Balance SheetsX X X X Extracts X X X X X X X X Extracts X X X X ..... Cenvat Credit Balance Mismatch Between ER-1 & Balance Sheets X X X X Extracts X X X X X X X X Extracts X X X X ..... br>Dear Experts, As per our Company Policy, we have taken 100 % Credit of all Input in excise Cenvat Credit Register & but in accounts(Balance sheet) we have taken only 50 % and remaining we have exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ense out as material cost. Hence our Cenvat Credit Balance are always mismatch between ER-1, ST-3 & Balance Sheet. illustration . we purchase the input Amount of ₹ 100 + Excise Duty 12.50 %+vat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5% = ₹ 118.12 but in Excise Records we have talken fully credit i.e. ₹ 12.50 but in accounts we have taken cenvat only ₹ 6.25, remaining are in added in Ass.Value means purchase cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... while booking. The same has been Approved by our Auditors CA firm & reflect in his 3CA report with Notes.. Can anyone tell me what is the legal bonding for that and is it right to do the same way ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or is their any possibilities to object by Service tax and central excise Department while auditing Thanks & Regards, Chetan Pawar Reply By YAGAY AND SUN: The Reply: It seems that statutory retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rns are being filed without conducting reconciliation with the financial. Department can issue SCN for the same. X X X X Extracts X X X X X X X X Extracts X X X X
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