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Duty paid thru PLA

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(Querist)
18 December 2007 If a figure of Excise duty paid thru PLA in a particular financial year then should it be tallied with the amount shown in P&L of the same financial year and any balance if there is in PLA should be shown in Balance Sheet's Assets side. The assessee is not able to avail and utilise any CENVAT credit.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
18 December 2007 Excise duty is not only utilisation of amount paid through PLA but also utilisation of CENVAT credit. Therefore what is stated in the p&l will be the combined figure. As it is the utilisation which is shown, the balance money will be shown as asset in the balance sheet under the broad categary of advances recoverable in cash or in kind.
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
15 June 2008 any balance in PLA, RG23APart-II, RG23C Part-II,Service Tax It will shown in Banlance Sheet as Current Assets and will be utilized in next financial year against sale duty payable.
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