Cenvat
This query is : Resolved
04 January 2014
Whether Excise duty charged on repair of Capital goods should also be taken as 50% for current year and balance in next year.
04 January 2014
First tell me where and how do you pay excise duty on repairing of capital goods?
As excise duty is paid on manufacture of goods as per excise act.
You must be talking about service tax paid?
As excise duty is paid on manufacture of goods as per excise act.
You must be talking about service tax paid?
04 January 2014
The company is producing HDPE Fabrics. we get cenvat credit on input .i.e raw material. Again we also get CENVAT CREDIT on Machinery purchased. 50% in current year and balance in next year. sometimes we may need some repairs or some spare parts are added to it in which we need to pay excise duty..how to account for that.
04 January 2014
If spare parts are purchased which forms part of exisitng capital goods then excise paid on it is available for cenvat credit.
If repair work is done and on it service tax is paid is also available for cenvat credit as per cenvat credit rules 2004.
If u refer Bangars book for ca final all such entries have been given.
If repair work is done and on it service tax is paid is also available for cenvat credit as per cenvat credit rules 2004.
If u refer Bangars book for ca final all such entries have been given.
04 January 2014
That is fine .now my question is whether we can take full credit in first year or 50:50
04 January 2014
You have to take 50 in year 1 of purchase of spares and bal in next year as per existing cenvat credit rules,2004.
04 January 2014
but spares are consumable items. consumed in one year then ???
04 January 2014
then refer guidance note on excise duty by icai for its treatment.
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