Indirect TAxes
This query is : Resolved
Swapnil Khardkar
(Querist)
18 September 2010
Dear All,
Can any one tell me the accounting procedure of bill and Entries made for Excise, VAT, Service Tax, what is mean by Cenvat credit how to take it and so on please help me
Regards
Swapnil
Can any one tell me the accounting procedure of bill and Entries made for Excise, VAT, Service Tax, what is mean by Cenvat credit how to take it and so on please help me
Regards
Swapnil
CMA Ramesh Krishnan
(Expert)
18 September 2010
All the 3 taxes are indirect tax while making sale or service entry need to credit
Dr: Debtors a/c
Cr: Sales a/c
Cr: Excise duty a/c
Dr: Debtors a/c
Cr: Sales a/c
Cr: VAT or Service tax a/c
CENVAT is the Input credit we are taking on input materials used in production or purchase and off setting with your Output Tax
Dr: Debtors a/c
Cr: Sales a/c
Cr: Excise duty a/c
Dr: Debtors a/c
Cr: Sales a/c
Cr: VAT or Service tax a/c
CENVAT is the Input credit we are taking on input materials used in production or purchase and off setting with your Output Tax
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