CST
This query is : Resolved
21 June 2010
Dear Sir,
A prop firm has purchased Mould Machine:
Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00
Total Payable : 2353000.00
What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.
Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.
Transport,Excise,CST all shoud be Capitalized with Machine
Thanks & Regards
A prop firm has purchased Mould Machine:
Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00
Total Payable : 2353000.00
What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.
Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.
Transport,Excise,CST all shoud be Capitalized with Machine
Thanks & Regards
21 June 2010
please mention in which state are you sitiuated,
Usually no set of is available for CST
As regarding Cenvet, if you take credit, you will not be allowed deprecation under income tax,
you will be allowed cenvat credit, equally in two years. i.e. half in first year and balance in next year.
If you are taking credit for taxes, you must reduce the amout from cost of machinery,this amount should not be capitalised
Transport and Installation charges to be capitalised
Usually no set of is available for CST
As regarding Cenvet, if you take credit, you will not be allowed deprecation under income tax,
you will be allowed cenvat credit, equally in two years. i.e. half in first year and balance in next year.
If you are taking credit for taxes, you must reduce the amout from cost of machinery,this amount should not be capitalised
Transport and Installation charges to be capitalised
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