benefit
This query is : Resolved
30 June 2010
Dear Sir,
A Manufactur is Regesterd under SalesTax,Vat,ServiceTax.he Has purchased a machinery on which he has paid Excise Duty asy 209000.00 and CST with C Form 49000.00.He is not regestered under Excise.Can he Take Setoff of Excise Duty against Service Tax & What treatment should be given to CST with C Form.I Have Ledger Ac:
Machinery 2090000.00 Dr ( Fix Aset)
Excise Duty 209000.00Dr (Current Aset)
CST C Form 49000.00 Dr (unknown)
Party Cr 2348000 cr (Creditors)
is the entry right
Regards
A Manufactur is Regesterd under SalesTax,Vat,ServiceTax.he Has purchased a machinery on which he has paid Excise Duty asy 209000.00 and CST with C Form 49000.00.He is not regestered under Excise.Can he Take Setoff of Excise Duty against Service Tax & What treatment should be given to CST with C Form.I Have Ledger Ac:
Machinery 2090000.00 Dr ( Fix Aset)
Excise Duty 209000.00Dr (Current Aset)
CST C Form 49000.00 Dr (unknown)
Party Cr 2348000 cr (Creditors)
is the entry right
Regards
30 June 2010
NO, EXCISE BENEFIT CAN BE TAKEN BY ONLY MANFACTURER REGISTERED UNDER EXCISE ACT.
NOW EXCISE DUTY WILL BE PART OF COST OF MACHIENRY.
NON-CREDIT EXPENSES WILL BE PART OF COST. CST ALSO WILL BE ADDED IN COST OF MACHINE.
IE. ENTRY WILL
MACHINERY A/C DR. 2348000/-
TO PARTY A/C 2348000/-
NOW EXCISE DUTY WILL BE PART OF COST OF MACHIENRY.
NON-CREDIT EXPENSES WILL BE PART OF COST. CST ALSO WILL BE ADDED IN COST OF MACHINE.
IE. ENTRY WILL
MACHINERY A/C DR. 2348000/-
TO PARTY A/C 2348000/-
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