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modvat

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student
306 Points Posted on 08 October 2007

 

hi friends

let me know while computing material consumption deduct whether modvat credit taken or availed

pls clarify as soon as possible

 

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On 08 October 2007 at 16:51 Report
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481 Points Posted on 08 October 2007
r u asking from accounts angle or tax angle??
3 Reply
On 08 October 2007 at 17:18
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Consultant
18525 Points Posted on 08 October 2007
CENVAT credit availed should be considered for materials consumption. If the same is added in your turnover you can also added the same amount in the material consumed other wise you should not. Because the cenvat to be availed is a balance sheet item not a revenue item you can avail upto its exaust.
55 Reply
On 08 October 2007 at 17:25
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Consultant
18525 Points Posted on 08 October 2007
as per accounting standard and accounting standared interpretation the entities need to compulsarily disclose their grossed up turn over in the financial statements
55 Reply
On 08 October 2007 at 17:28


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