14 April 2014
manufacturing firm sold goods to the whole seller on 28/03/2013 as follows
s.debtors A/c Dr. 110 To sales 100 To Excise Duty 5 To Vat payable 5 vat & excise duty paid on 5/04/2013 Q. 1 at the Balance Sheet date the amount of duty liabilities shall stand at the Current liabilities or what?
Q-2 in case of firm providing taxable services and acquired service from the taxable provider the tax credit of service tax shall be eligible or not?
14 April 2014
Excise duty payable as on 31st March to be paid by 31st march only. yes Vat payable will be shown in statutory dues. service tax credit may be availed al together you booked ur liability.
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