12 January 2011
Respected Sir, A manufacturing Co. collects excise duty on sale of iron product & paid into Govt. after deducting Cenvat credit & Service Tax credit (i.e, Duty Paid = Account Current - Credit Account). I want to know the calculation of Credit Account on both CENVAT & Service Tax is being made. Kindly explain with example taking capital goods & inputs with input service tax on freight.
15 January 2011
Sir, You clarified that Cenvat on capital goods 50% this year and 50% next year. Suppose we have taken Cenvat credit in F.Y. 2009-10 in every month, Whether I will taken balance 50% in the F.Y.2010-11 in the exact amount in particular month i.e, 50% balance of April'09 in April'10, May'09 in May'10, respectively or I can take rounding up the figure in any amount. Is there any limit & restrictions?
CAclubindia
