Under which head CENVAT Credit recoverable should be create in tally?
In tally for adjustment of CENVAT credit against import of services, is adjusting by creating input tax ledger under indirect expenses, is that a right effect they have made ?
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Tally entry
Replies (3)
Under duties and taxes
It shud be shown under ' Loans & Advances' on the asset side as it is an adjustable against any excise liability arising.
when booking a purchase invoice entry wud be as follows:
Purchase Dr xxx
VAT Dr xxx
Cenvat Credit receivable Dr xxx
to- supplier.
while paying excise duty first the balance appearing in the above Cenvat Credit Account shud be utilized as follows:
Escise Duty Dr xx
To- Cenvat Credit Receivable
To- Bank/Cash
Under Duties and Taxes
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