Cenvat Credit
This query is : Resolved
02 April 2010
hi
i have purchsed a good which has a st added to the price of the good. the party is booked as a liability in my books can i avail cenvat credit while booking liability or while paying the amount to the party.....
1) if the party is paid this year
2) if the party is paid next year
and let me know the accounting enrty to be booked in my books.
3) wat if i purchsed capital good 50% credit while bookink liability or while paying the party
i have purchsed a good which has a st added to the price of the good. the party is booked as a liability in my books can i avail cenvat credit while booking liability or while paying the amount to the party.....
1) if the party is paid this year
2) if the party is paid next year
and let me know the accounting enrty to be booked in my books.
3) wat if i purchsed capital good 50% credit while bookink liability or while paying the party
02 April 2010
Hi sunny
I am not very clear about your query
You should make your query little clear.
Anyway what i get from it that you want to know about Cenvat credit
In case of
Input Service - you can take credit only on payment basis
Capital goods - at the time you received such goods in factory irrespective of payment (subject to 50% in the first year)
Input goods - at the time you received such goods in the factory irrespective of the payment
I am not very clear about your query
You should make your query little clear.
Anyway what i get from it that you want to know about Cenvat credit
In case of
Input Service - you can take credit only on payment basis
Capital goods - at the time you received such goods in factory irrespective of payment (subject to 50% in the first year)
Input goods - at the time you received such goods in the factory irrespective of the payment
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