Cenvat and importer

933 views
User Avatar

Service
28 Points Posted on 16 January 2012

Dear All,

We as an Importer need to pass any JV in our Books of Account for CVD paid on Imports & CVD passed on to the customer when sold....? If Yes what is the Entry.

Or Is it enough to file Form-2 (Quarterly Returns) without passing above JV.....!

Regards,

Parvath 

 

Reply Share Follow
On 16 January 2012 at 20:44 Report
Replies (5)
User Avatar

Student
208 Points Posted on 16 January 2012
For cvd paid on import you need to pass following entry Cenvat - basic a/c DR CENVAT E CESS A/C DR CENVAT S.E.Cess a/c dr to commissioner of income tax or bank a/c or depb if available. And there is no cvd payable on sale. Its excise duty what you pay. Right?
1 Reply
On 16 January 2012 at 22:42
User Avatar

Service
28 Points Posted on 17 January 2012

But this entry is only for Input Credit.  What about the entry When passing on to customer.

Since we need to nullify the Input Credit.

Parvatharaj

 

Reply
On 17 January 2012 at 14:10
User Avatar

Student
208 Points Posted on 17 January 2012
Ok at time of export you ll pass the following entry for the excise duty to be paid.. Excise duty receivable on export a/c dr To cenvat basic to edu. Cess to s.Edu. Cess. Excise duty paid on export is shown as receivable because the department gives rebate(refund) for the excise paid on it..Hope it clarifies
Reply
On 17 January 2012 at 20:51
User Avatar

Student
208 Points Posted on 17 January 2012
And in case you are not exporting than instead of debiting excise duty receivable on export you ll debit customer a/c
Reply
On 17 January 2012 at 20:52
User Avatar

Service
28 Points Posted on 22 January 2012

I don't think so.  Because we are not collecting Duty amount from the Customer.

We are just passing on the CVD to the customer.

Reply
On 22 January 2012 at 13:20

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Capital Gain on sale of Depreciated Factory Gala
  2. Interesting Observation from a Recent Income Tax S
  3. ITR 3 Utility Not Taking Marginal Relief on Net To
  4. MV Electrosystems IPO Allotment Date, Status Check
  5. TDS payment code query
  6. Query on FLAIR return
  7. Itr 4 problem
  8. Capital Gains Mismatch Due to Sale Agreement in FY
  9. REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
  10. DTAA benefits

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
23 July 2026
Semi qualified CA

Garg Bros & Associate CA

New Delhi

CA Inter

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT , CA SemiQualifie

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 23 July 2026
Article

Gianender & Associates

New Delhi

CA Inter

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
Featured 16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT, CA SemiQualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
Featured 18 July 2026
CA Articleship

apricus india

Mumbai

CA Inter

View Details
Follow