18 July 2014
my assessee is a job worker.He receives goods from a company for processing it into powder, my assessee is liable to pay excise duty on removal of goods. he does so same. he also takes cenvat credit of bottles received from company's consginor.the bill of bottle is in name of company but recived in my assesse's premises and hence he takes cenvat credit of same. how to enter this in tally .it should reduce excise liability.
18 July 2014
Central excise duty input Dr. To vendor and at the time of payment of excise adjust input against output:- Central excise duty output Dr. To Central excise duty input To Central excise duty payable
But how can you take cenvat of the bottles as you have not paid any excise duty on purchase of bottles??????
23 July 2014
You can open a liability a/c like Cenvat payable on free issue material. now when free issue material is received say cenvat on same is 100/-. instaed of giving credit to vendor, you pass
Cenvat credit a/c Dr 100 To Cenvat payable on free issue material 100
CAclubindia
