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.
Shyam Lal Naik
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
