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TaxTMI 
Cenvat Credit Balance Mismatch Between ER-1 & Balance Sheets
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....envat Credit Balance Mismatch Between ER-1 & Balance Sheets<br> Query (Issue) Started By: - Chetan Pawar Dated:- 19-6-2015 Last Reply Date:- 22-6-2015 Central Excise<br>Got 1 Reply<br>Central Excise<b....
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....r>Dear Experts, As per our Company Policy, we have taken 100 % Credit of all Input in excise Cenvat Credit Register & but in accounts(Balance sheet) we have taken only 50 % and remaining we have expe....
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....nse out as material cost. Hence our Cenvat Credit Balance are always mismatch between ER-1, ST-3 & Balance Sheet. illustration . we purchase the input Amount of ₹ 100 + Excise Duty 12.50 %+vat 5....
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....% = ₹ 118.12 but in Excise Records we have talken fully credit i.e. ₹ 12.50 but in accounts we have taken cenvat only ₹ 6.25, remaining are in added in Ass.Value means purchase cost ....
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....while booking. The same has been Approved by our Auditors CA firm & reflect in his 3CA report with Notes.. Can anyone tell me what is the legal bonding for that and is it right to do the same way ....
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....or is their any possibilities to object by Service tax and central excise Department while auditing Thanks & Regards, Chetan Pawar Reply By YAGAY AND SUN: The Reply: It seems that statutory retur....
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....ns are being filed without conducting reconciliation with the financial. Department can issue SCN for the same.<br> Discussion Forum - Knowledge Sharing ....