16 October 2014
we are recently take excise registration but till date our production not start
we r recd some bill including excises tax
1.how we book this bill 2.can we use as a cevat credit 3.which excise bill are take or not take excise credit 4.for production we buy a foaming machine @ 7lakh with including excise & vat how to book this bill with excise 5.it is necessary to give excise code, were we get all excise code for particular items
12 November 2014
Ans. 1) If credit is eligible then pass accounting entries for it. and prepare cenvat register. 2)yes you can use it but consideration it that you had availed credit ( shown in your ER return) 3) your need to check for definition then decide eligibility. 4) Take 50% cenvat credit in current year and remaining in second year. VAT credit in Maharashtra on machine is eligible. rest of cost capitalizes 5) On each sale you need to mention excise tariff.
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