TaxTMI 
TaxTMI 
WE purchased raw materials in April`08 and availed excise cenvat credit & VAT.Due to closing of that particular business, we decided to return the entire stock of Raw materials to supplier.Can you enlighten what the procedure to adopt under Excise and VAT.
Procedure - return of stock
29 Apr 2009 
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Reversal of cenvat credit: return stock, bill supplier after tracing invoice; VAT must be charged on original price.
Returning raw materials requires identification of the original invoice, reversal of the cenvat (duty) credits availed and billing the supplier for excise; VAT must be charged to the supplier on the same price basis on which the input tax credit was originally taken. (AI Summary)
Returning raw materials requires identification of the original invoice, reversal of the cenvat (duty) credits availed and billing the supplier for excise; VAT must be charged to the supplier on the same price basis on which the input tax credit was originally taken. (AI Summary)