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Subcontracting challan:Reversal & recredit

former_member824495
Active Contributor
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Hi,

I have one query.

Can anybody explain how to reverse the challan & also how to recredit the challan??

Theoretically I know the concept of it.

But I have never came across this process actually.

Please explain in detail step by step the same procedure.

Thanks in advance,

Piyush

Accepted Solutions (0)

Answers (1)

Answers (1)

Former Member
0 Kudos

Hi,

First for the reversal and recredit you have to maintain account determination as ETT "57NR" and Subtransaction Type "01".

Then go to J1IF13, here you reverse challan;

Enter the challan number and year.

Choose "Enter" button

Select Reverse Challan.

Save the challan.

For this

Accounting Entry: -

Cenvat Reversal Dr.

Cenvat Account Cr.

For Recrediting the CENVAT Account;

1. Enter the challan number and year.

2. Choose "Enter" button

3. Select the following options:

Take Recredit for Receipts

It will leave the challan open for further goods receipts.You can recredit it after receiving the goods.

Take Recredit If Any and Complete Challan

This completes the challan and writes off finally any CENVAT credit that you might have been able to claim.

Save the challan.

For this

Accounting Entry: -

Cenvat Account Dr.

Cenvat Reversal Cr.

Hope this will help you.

Regards,

Goraksh Dhikale.