Modvat Credit availed during the year - income?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2011
Dear Sir,
My client have availed modvat credit during the year. Since they have set up business last year they have plent of excise credit available.
Is modvat credit availed during the year an income & will he have to pay the tax on the same.
Also please guide regarding the valuation of closing stock since he manufactures excisable goods also.
My client have availed modvat credit during the year. Since they have set up business last year they have plent of excise credit available.
Is modvat credit availed during the year an income & will he have to pay the tax on the same.
Also please guide regarding the valuation of closing stock since he manufactures excisable goods also.
04 June 2011
Yes. Income arising out of the modvat credit availed is treated as income, hence taxable.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2011
Sir,
could you please quote the section under which the same is taxed.
could you please quote the section under which the same is taxed.
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