Excise setoff from 2nd stage dealer
This query is : Resolved
Chetan Sharma
(Querist)
10 January 2014
my client has received Invoice from 2nd stage dealer
100 units Rs 10 p.u 1000
Add: Vat 4% 40
Total Bill Amount 1040
Note has indicated of on that bill of excise credit available to my client
So, Can my client take Excise credit in this case if Yes then what accounting entry should we have to pass
100 units Rs 10 p.u 1000
Add: Vat 4% 40
Total Bill Amount 1040
Note has indicated of on that bill of excise credit available to my client
So, Can my client take Excise credit in this case if Yes then what accounting entry should we have to pass
ACA Ketan Lohia
(Expert)
14 January 2014
Yes, Cenvat Credit can can be booked if the invoice has been issued by a registered second stage dealer, and the invoice mentions the amount of Excise duty included in the total amount.
The following entry to be passed -
Purchases A/c Dr. xxxx
CCR A/c Dr. xx
To Party A/c xxxx
The following entry to be passed -
Purchases A/c Dr. xxxx
CCR A/c Dr. xx
To Party A/c xxxx
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