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Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2014 why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,

Ganeshbabu K

Ganeshbabu K (Expert)
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16 July 2014 Vat input and cenvat input is current asset in nature and amount of eligible cenvat will be adjusted against output taxes payable
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if some inputs were fund ineligible then you can reverse the input and charge of to profit and loss account as it becomes expence(we cant claim against output)
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