cenvat credit
This query is : Resolved
03 September 2009
if i have 2 take cenvat credit on capital goods then whether education cess & highier education cess also to be taken as cenvat credit. For Example
cost of machiene 100
add- Exice Duty 16
Add Edu.cess @3% .48
----
116.48
Vat - 4.65
-----
121.14
-------
Now what amount should be trancefred 2 cenvat credit and what amount 2 machine a/c/
cost of machiene 100
add- Exice Duty 16
Add Edu.cess @3% .48
----
116.48
Vat - 4.65
-----
121.14
-------
Now what amount should be trancefred 2 cenvat credit and what amount 2 machine a/c/
03 September 2009
yes education cess and SHE should be trfs to cenvat acount..your entry will be
Machinery account Dr. 1046.592
Cenvat Credit Receivable Dr 80.00
Education cess receivable Dr 01.60
Secondary Cess Dr 00.80
Deferred Cenvat Credit Dr 80.00
Deferred Education Cess Dr 01.60
Deferred Secondary Cess Dr 00.80
To Party A/c 1211.392
you can round off the amount...
Machinery account Dr. 1046.592
Cenvat Credit Receivable Dr 80.00
Education cess receivable Dr 01.60
Secondary Cess Dr 00.80
Deferred Cenvat Credit Dr 80.00
Deferred Education Cess Dr 01.60
Deferred Secondary Cess Dr 00.80
To Party A/c 1211.392
you can round off the amount...
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