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(Querist)
21 June 2010 Dear Sir,

A prop firm has purchased Mould Machine:

Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00

Total Payable : 2353000.00

What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.

Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.

Transport,Excise,CST all shoud be Capitalized with Machine

Thanks & Regards
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
21 June 2010 The manufacturer can take cenvat vredit of the excise duty and Ed. Cess. Hence, amount of Rs. 214000 should not be capitalised. Rest all expenses are capital expenditure and form part of the fixed asset.

CST paid on purchase are not available as credit.
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