journal entry
This query is : Resolved
27 January 2009
i m the service provider and charging service tax from the clients,(my services exceed above 10. lcs)now i have to pay ser.tax.
now my query is can i adjust excise duty agnt ser.tax which has been paid on the Machine ,generator furniture which i m using while providing the services .on bill excise duty is charged .
2: ser. charges on tel/ mobile can also be adjusted ?
If i can, then pl. provide the journal entries to be pass on the above situations.
regards
Subhash.
now my query is can i adjust excise duty agnt ser.tax which has been paid on the Machine ,generator furniture which i m using while providing the services .on bill excise duty is charged .
2: ser. charges on tel/ mobile can also be adjusted ?
If i can, then pl. provide the journal entries to be pass on the above situations.
regards
Subhash.
27 January 2009
The answer is Yes to both the queries.
Suggested Journal entries : -
On receipt of Capital Goods:-
Debit Fixed Asset/stores etc.(Net Amount)
Debit Deferred Cenvat Credit (50% of duty and cess)
Debit Cenvet credit Avauled (Rest 50% of duty and cess)
Credit Supplier's Account
On payment of Telephone bill : -
Debit Telephone Expenses (Net Amount)
Debit Cenvat Credit Availed (Tax and cess)
Credit Cash / Bank
On utilisation of Cenvat Credit for payment of Service Tax : -
Debit Service tax Payable
Credit Cenvat Credit Availed
Suggested Journal entries : -
On receipt of Capital Goods:-
Debit Fixed Asset/stores etc.(Net Amount)
Debit Deferred Cenvat Credit (50% of duty and cess)
Debit Cenvet credit Avauled (Rest 50% of duty and cess)
Credit Supplier's Account
On payment of Telephone bill : -
Debit Telephone Expenses (Net Amount)
Debit Cenvat Credit Availed (Tax and cess)
Credit Cash / Bank
On utilisation of Cenvat Credit for payment of Service Tax : -
Debit Service tax Payable
Credit Cenvat Credit Availed
Message likes :
1 times
28 January 2009
thanks for ur valunarable suggestion.
regards
subhash yadav
regards
subhash yadav
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