Generally, in case of 3rd Party, stock is not coming in your plant so as per rule, you are not supposed to take MODVAT but you have to pay Excise Value to vendor.
So to achieve this, enter an Non-Deductible Excise Tax Code in 3rd Party PO and do GR and LIV.
It will post all the excise duties to Expense A/c during GR and same will be debited to credit Vendor in MIRO.
Thanks & Regards
JP
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.