Calculation of 'Acccount Current'
This query is : Resolved
Manasa Ranjan Samal
(Querist)
18 December 2010
The manufacturer sold finished goods (i.e. sponge iron) & collected Excise duty with Edn. & SHE cess of Rs. 9,49,590 on Assessable Value of Rs. 92,19,339. Here Total Duty Paid = Credit Account + Account Current (i.e., 9,49,590 = 41,200 + 9,08,390)
AND, Opening Service Tax + Credit Availed on Input Service – Credit utilized for payment of duty on goods = Closing Balance (i.e., 51,820 + 2,336 – 41,200 = 12,956)
I want to know that how is the figure of ‘Credit utilized for payment of duty on goods i.e, Credit Account of Rs. 41,200 ’ calculated and the procedure of calculating ' Current Account' ?
AND, Opening Service Tax + Credit Availed on Input Service – Credit utilized for payment of duty on goods = Closing Balance (i.e., 51,820 + 2,336 – 41,200 = 12,956)
I want to know that how is the figure of ‘Credit utilized for payment of duty on goods i.e, Credit Account of Rs. 41,200 ’ calculated and the procedure of calculating ' Current Account' ?
Ajay Raghatate
(Expert)
21 December 2010
Duty Paid Abstract will be as below.
Duty Payable BED/ ECS/ HECS
921933/ 18438/ 9219
Duty Utilized (Credit A/c)
Ser Tax Cr 40000/ 800/ 400
Duty Utilized (Current A/c)
PLA 881933/ 17638/ 8819
I think you have to understand basic concept first.
Duty Payable BED/ ECS/ HECS
921933/ 18438/ 9219
Duty Utilized (Credit A/c)
Ser Tax Cr 40000/ 800/ 400
Duty Utilized (Current A/c)
PLA 881933/ 17638/ 8819
I think you have to understand basic concept first.
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