Journal entery of DEPB Purchase

At the time of Purchase of DEPB

DEPB No.123456  Dr 100

To Party                          95

to DEPB Premim            5

At the time of payment to Party 

Party DR 95

To bank 95

 At the time of Import Purchase Entry 

 Purchase Import Dr ******

Excise duty DR ****

Cess DR*****

Higher &Secondry cess Dr********

Additioal duty Dr******

to Pary Cr****

To Custom duty Cr****

To DEPN No123456 Cr *****

to Sea Freight DR****

To CHA Dr****

To container corporation Dr****

Replies (3)

Dear Sir

 Thanks

Sir I want to now that if depb purchase with vat can we include in input vat credit. in my orgnistion

when purchase DEPB jurnol entry given below

purchase a/c   dr

vat a/c                dr

       to creditors a/c

 

is this entry correct

i want to ask one more qustion to you

when we purchase depb with vat it means we paid to creditors more than the depb value

for eg if we paid to creditors 100 Rs for depb value 95 rs then what entry shouid pass

depb    dr 100

to creditors 100

when we paid duty then

custom duty dr 95

to depb 95

how to treat 5 rs

Take cenvat credit of Input Vat on Purchase of DEPB.

Dear Mr.R.A.Singh

Are there any court rulings or departmental circular/notification on this?

Would appreciate your response>

Best

R.K.Mehta

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