Mould Machine : 2090000.00 Excise : 209000.00 Ed Cess : 5000.00 CST 2% against C Form 49000.00
Total Payable : 2353000.00
What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.
Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.
21 June 2010
Machine A/c dr ( Include CST and Installantion cost ) Excise Recoverable( Including Cess)-50% dr Excise Deferred ( Includeing Cess )-50% dr
23 June 2010
My Friend Rahul Servesh in his query saying that the firm is mfg. paying only vat .cst and service tax hence it is very clear that it is not in Excise
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