18 December 2010
The manufacturer sold finished goods (i.e. sponge iron) & collected Excise duty with Edn. & SHE cess of Rs. 9,49,590 on Assessable Value of Rs. 92,19,339. Here Total Duty Paid = Credit Account + Account Current (i.e., 9,49,590 = 41,200 + 9,08,390)
AND, Opening Service Tax + Credit Availed on Input Service – Credit utilized for payment of duty on goods = Closing Balance (i.e., 51,820 + 2,336 – 41,200 = 12,956) I want to know that how is the figure of ‘Credit utilized for payment of duty on goods i.e, Credit Account of Rs. 41,200 ’ calculated and the procedure of calculating ' Current Account' ?
CAclubindia
