Cenvat Credit
This query is : Resolved
12 January 2011
Respected Sir,
A manufacturing Co. collects excise duty on sale of iron product & paid into Govt. after deducting Cenvat credit & Service Tax credit (i.e, Duty Paid = Account Current - Credit Account). I want to know the calculation of Credit Account on both CENVAT & Service Tax is being made. Kindly explain with example taking capital goods & inputs with input service tax on freight.
Thanks
A manufacturing Co. collects excise duty on sale of iron product & paid into Govt. after deducting Cenvat credit & Service Tax credit (i.e, Duty Paid = Account Current - Credit Account). I want to know the calculation of Credit Account on both CENVAT & Service Tax is being made. Kindly explain with example taking capital goods & inputs with input service tax on freight.
Thanks
13 January 2011
Cenvat on capital goods 50% this year and 50% next year.
service tax on freight after rebate 75% deposit @10.3% to govt after that take cenvat credit 100%
service tax on freight after rebate 75% deposit @10.3% to govt after that take cenvat credit 100%
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13 January 2011
Thank you sir for greate support & wants detail with example & your email id.
14 January 2011
suppose Freight Rs. 100
Rabate 75% =Rs.75
Balance Rs. 25
Service tax on freight 25*10.3%=2.575
Deposit in bank
service tax Rs. 2.5
Cess .005
Cess S&H Rs. .0025
Then take service tax credit Rs. 2.575
Rabate 75% =Rs.75
Balance Rs. 25
Service tax on freight 25*10.3%=2.575
Deposit in bank
service tax Rs. 2.5
Cess .005
Cess S&H Rs. .0025
Then take service tax credit Rs. 2.575
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15 January 2011
Sir,
You clarified that Cenvat on capital goods 50% this year and 50% next year.
Suppose we have taken Cenvat credit in F.Y. 2009-10 in every month, Whether I will taken balance 50% in the F.Y.2010-11 in the exact amount in particular month i.e, 50% balance of April'09 in April'10, May'09 in May'10, respectively or I can take rounding up the figure in any amount. Is there any limit & restrictions?
Thanks
You clarified that Cenvat on capital goods 50% this year and 50% next year.
Suppose we have taken Cenvat credit in F.Y. 2009-10 in every month, Whether I will taken balance 50% in the F.Y.2010-11 in the exact amount in particular month i.e, 50% balance of April'09 in April'10, May'09 in May'10, respectively or I can take rounding up the figure in any amount. Is there any limit & restrictions?
Thanks
15 January 2011
all 50% balance you can take cenvat credit on 1st april. next year
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