Cenvat credit treat in p/l a/c

Cenvat Credit utilized is not your income, but it decreases your current assets, as the ED paid on RAw materials is shown under current assets.

Moreover ED collected from teh customers cannot be treated as income in your P&L, as you are collecting the same on behalf of Gvot from the customer & paying it to the Govt. So it will not be considered as your income, but it's a liability.

It is not your income. it will be surplus or deficit at the year end. so it may be your liability or advances on balancesheet date.