Scrap balance having in ER-1 so much as compared to Physical stock

[Asked by Guest]

Dear All,

the above subject mention we are having closing balance large quantity in your scrap commodity as compare to physical, and the balance we are carry forward in particular month.

i would like to share my view it is difference of Weighing balances form long time which is we not considering that's the reason differences so much,

so that requested to all, what should i do now? so that balance will tally with physical inventory of scrap.

kindly guide in this matter.

Thanks,

Pradip

AI Summary

Physical stock supremacy: reconcile ER-1 scrap variances or face duty and penalty exposure without documentary proof.
Department relies on physical stock; excess book stock in ER-1 may be treated as clandestine removal attracting duty and penalty unless the assessee proves otherwise with documentary evidence. Identify and document causes of discrepancy (weighing-method differences, returns from scrap yard), secure calibration and Legal Metrology records if relevant, write to the Range officer explaining reasons and notify intent to correct the next ER-1. If daily stock accounts reconcile, adjust in the upcoming ER-1 with intimation. Alternatively, consider invoicing and paying duty on excess to mitigate exposure.