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FICO

FICO

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Published by naren2380
FICO
FICO

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Published by: naren2380 on Jan 30, 2013
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02/16/2013

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y 1. The Clearing agent ask for amount, the person who receive the product will

give Letter of Authority to Clearing Agent. The clearing agent move to bank
and take check.

y For this purpose, we just issue LA.

y 2. Prepare Purchase for the Vendor from whom we are going to receive the

product. There may be 2 or more Vendors.

y 1.

Product

cost

to

be

transferred

to

Vendor

A

2.

Freight

or

Other

Charges

to

Vendor

B

3. Customs Duty and Others to Vendor C

y Tcode : Me21n

y 3. First We have to pay Customs Duty to Commissioner of Customs after LA

issued.

y Entry

:

Customs

Clearing

a/c

Dr

Cess

on

Custom

a/c

Dr

CVD

Clearing

a/c

Dr

Cess

on

CVD

a/c

Dr

Special

CVD

a/c

Dr

Vendor C a/c Cr.

y T-code :MIRO or YMIROOTH

y 4. Cenvat credit for the product will be taken by person who handling Excise in

that company

y Entry

:

Cenvat

Clearing

a/c

Cr.

RG23A

Part

II

a/c

Dr.

5. Clearing of Cenvat Credit

y Entry

:

Cenvat

Clearing

a/c

Dr.

CVD

clearing

a/c

Cr.

Cess

on

CVD

a/c

Cr.

Special

CVD

a/c

Cr.

6. After Bank payment they will transfter to us

y Entry

:

Vendor

a/c

-

Dr.

Bank a/c - Cr.

y Tips by Jayaraman P.C.

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