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May 27, 2009 at 05:47 AM

Reversal of excise duty

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Hi,

I have taken credit of exicse on raw-material at the time of MIGO (i.e. GRIR).

But while issuing that raw material, i have issued it to non-exciseable (excise exempted) project.

Now as per excise law, the excise credit taken at the time of MIGO (GRIR) needs to be reversed.

Let me know how to reverse the credit of excise taken. Will it be manual excise reversal ?