24 September 2010
please provide me some details about the treatment of CENVAT credit available on input material and services used in production of FG. How it should be shown in Balance sheet? what adjustment needed in opening and closing stock in this respect vis-a-vis Income tax act?
24 September 2010
It will be shown in balance sheet as current assets.
As per income tax, duty on closing stock of rawmaterial and FG less cenvet claimed will be added back to profit and duty on opening stock ( material and FG )will be deducted from profit.
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