Credit Note | Tally Customization | Tally Implementation | Tally Data Connectivity | Part -12
- 12 years ago
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While carrying on business, it is common that goods sold may be rejected (fully/partially) because of excess supply, low quality product, etc. In normal scenario, sales returns are handled through credit note so that the ‘Net Sales’ amount will be displayed in Profit and Loss account and the quantity returned are updated in Stock Summary.
But in case of Excise there are certain procedures, which need to be followed.
On the goods returned, it is allowed to avail CENVAT credit under rule 16 of Central excise act 2002. These CENVAT credit availing details has to be captured in Form ER1 / ER3 and reports RG 23 A part II and Abstract etc.
The Quantity returned has to be captured in a separate report called Rule 16 report. This report should capture the process details if any and cleared quantity.
While carrying on business, it is common that goods sold may be rejected (fully/partially) because of excess supply, low quality product, etc. In normal scenario, sales returns are handled through credit note so that the ‘Net Sales’ amount will be displayed in Profit and Loss account and the quantity returned are updated in Stock Summary.
But in case of Excise there are certain procedures, which need to be followed.
On the goods returned, it is allowed to avail CENVAT credit under rule 16 of Central excise act 2002. These CENVAT credit availing details has to be captured in Form ER1 / ER3 and reports RG 23 A part II and Abstract etc.
The Quantity returned has to be captured in a separate report called Rule 16 report. This report should capture the process details if any and cleared quantity.