Amit Kumar (Chief Accounts Officer) (183 Points)
18 November 2014HII ALL,
PLEASE TELL ME HOW TO RECONSILE INPUT AND CAPITAL GOODS SEPRATELY FROM ER-1 RECORDS, AS THERE IS ONLY COLUMNS ARE CENVAT, ADE_LVD_CL_75, ADE_LVD_CL_85, EDU CESS AND SHEC,
PLEASE TELL ME HOW CAN I KNOW CAPITAL GOODS CREDIT AND INPUT CREDIT SEPRATELY, AND WHAT THESE COLUMNS MEANS
THANKS IN ADVANCE
Milind M. Kulkarni
(Practicing CA)
(580 Points)
Replied 19 November 2014
If you want to segregate CENVAT availed on capital goods from total CENVAT including on inputs, you can also find capital goods CENVAT recorded in fixed assets register of your company which you can reduce from total cenvat for the year to arrive at cenvat on inputs. You also need to scrutinise CENVAT account in GL to identify entries therein to match with capital and input entries and ER1 register. As regards meanings of terms mentioned, CENVAT means credit/ set off availed on purchase of excisable goods or taxable services, Education cess is @ 2% on tax (CENVAT in this case) charged additionally by the govt and SHEC is secondary & higher education cess charged @ 1% on CENVAT over and above education cess. For meaning of other terms, I await clarification from other learned members.
CAclubindia
