Cenvat Credit
This query is : Resolved
02 April 2010
hi
i have purchsed a good which has a st added to the price of the good. the party is booked as a liability in my books can i avail cenvat credit while booking liability or while paying the amount to the party.....
1) if the party is paid this year
2) if the party is paid next year
and let me know the accounting enrty to be booked in my books.
3) wat if i purchsed capital good 50% credit while bookink liability or while paying the party
i have purchsed a good which has a st added to the price of the good. the party is booked as a liability in my books can i avail cenvat credit while booking liability or while paying the amount to the party.....
1) if the party is paid this year
2) if the party is paid next year
and let me know the accounting enrty to be booked in my books.
3) wat if i purchsed capital good 50% credit while bookink liability or while paying the party
CA Robin Betala
(Expert)
02 April 2010
Hi sunny
I am not very clear about your query
You should make your query little clear.
Anyway what i get from it that you want to know about Cenvat credit
In case of
Input Service - you can take credit only on payment basis
Capital goods - at the time you received such goods in factory irrespective of payment (subject to 50% in the first year)
Input goods - at the time you received such goods in the factory irrespective of the payment
I am not very clear about your query
You should make your query little clear.
Anyway what i get from it that you want to know about Cenvat credit
In case of
Input Service - you can take credit only on payment basis
Capital goods - at the time you received such goods in factory irrespective of payment (subject to 50% in the first year)
Input goods - at the time you received such goods in the factory irrespective of the payment
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
