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author's profile photo Former Member
Former Member

Consignment sales Process

Hi, I need an advise over consignment process

Our Logistic Department has created Sales Order With Consignment Fillup (Item Category - KBN) done PGI and ProForma Invoice. There is an accounting entry for Excise Duties

Tax Excise Duty Pid A/C- Debited and

BED - Credited

ECS - Credited

HES - Credited

what will happen of these duties if there are no Consignment Issue or Return for the next 90 Days? Becouse as per my knowledge Excise duties need to be utilized within 90 days after invoice.

Is this possible to return this material in any other way so excise can be reversed?

Please give your valuable suggestions..

Thanks

SUDIP SINHA

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3 Answers

  • author's profile photo Former Member
    Former Member
    Posted on Dec 08, 2011 at 10:00 AM

    Hi Sudip,

    You can create excise invoice only when there is a sales. In consignment fill up process the excise invoice will not be created due to which the excise entries are not posted and vakues will not be displayed during monthly utlization.

    Ramesh

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  • author's profile photo Former Member
    Former Member
    Posted on Dec 08, 2011 at 10:10 AM

    Dear sudipsinha,

    In consignment fill up you have created the proforma invoice, i wonder how you are able to see the accounting entries in proforma invoice?

    Once goods are manufactured excise duties have to be levied against those goods(If the goods are excisable) wether you use it for internal purpose or for sales or transfers.

    Hope it will resolve your issue.

    Thanks&Regards

    Raghu.k

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  • Posted on Dec 09, 2011 at 07:35 AM
    Excise duties need to be utilized within 90 days after invoice.

    Your assumption is wrong. It is applicable only for tax. Better check with some excise consultants or Business.

    G. Lakshmipathi

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