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TMI Blogwhat will be the stock treatment of excisable sold goods are returned from buyerX X X X Extracts X X X X X X X X Extracts X X X X ..... what will be the stock treatment of excisable sold goods are returned from buyer X X X X Extracts X X X X X X X X Extracts X X X X ..... arty 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 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 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. Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 loss 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 (Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nagement, 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. X X X X Extracts X X X X X X X X Extracts X X X X
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