1. My query is how many ledger accounts needs to opened for crediting nad debiting the duty received on inputs and payable on FG (as my sr has opened one Excise expense account, cenvat cr on Input account separately) ?
2. In a month of Jan I have availed Cenvat credit on inputs (say Rs. 2000), however return of some goods was made in Feb after testing and all.. So when and how to reverse the credit ?
1. It is your conveneient, there is no question about it.
2. You can take credit at the time of inward and pay at the time of removal.
1. It is your conveneient, there is no question about it.
2. You can take credit at the time of inward and pay at the time of removal.
In my opinion you should maintain below ledger for easy trace of cenvat amount:
1) Cevat ledger for Input Credit.
2) Cevat ledger for Capital Goods Credit.
3) Deffered Cenvat ledger for Capital Goods Credit.
4) Cevat receivable ledger for Input Service.
5) Excise duty on sales ledger. (at the time of duty payment you may debit this ledger and credit above 1,2&3 ledgers.
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