Excise JV

[Former Member]

Dear All,

What is the meaning of JV especially Excise JV?

I gone thru the number of post but couldnt understand the meaning of JV . What is done functionally in JV. Why do we done it in Excise?

Please expain .

Thanks and Regards,

Ashu.

[Former Member · Accepted solution]

Hi Friend,

You can enter the Exicse JV for different purpose.

Following are few of them

JV For Scrap

You follow this procedure if you have scrapped a material and want to reverse the excise duty debited to your CENVAT account.

Go to J1IH. Click on Mat. Write off.

Enter data as required, including:

Document number

Enter the number of the document that you used to scrap the material.

CENVAT account selection group box

Specify which account is affected by the adjustment posting is for. If the posting does not have to be remitted immediately, select Fortnightly payment.

Now choose OK.

Adjust the posting date as necessary

Adjust the excise duty for each line item either:

Manually

By assigning the line item to an excise invoice

Specify which G/L accounts are to be posted to.

Save the adjustment posting.

JV for Not used in Production

You follow this procedure if you have not used a material in the production process and want to reverse the excise duty debited to your CENVAT account

JV for Additional Excise Paid by Vendors

if a vendor has increased the amount of excise duty that it originally charged you and you want to debit the difference to your CENVAT account

JV for Money Transferred to PLA

to make an adjustment posting when you transfer money to your personal ledger account (PLA).

Canceling Excise Invoices

this procedure in order to cancel an outgoing excise invoice. It reverses any excise duty accounted for

I hope you found it useful..

If you need further clarification, you can ask anytime.

Regards,

Jigar