compensation cess treatment
LAXMIDHAR SAHOO (ARTICLES) (190 Points)
15 September 2018LAXMIDHAR SAHOO (ARTICLES) (190 Points)
15 September 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170613 Points)
Replied 15 September 2018
Generally debited to P&L acc....
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170613 Points)
Replied 16 September 2018
Depends upon the inward supply, whether consumed in manufacture or any capital asset.
For re-sellers, Input credit (ITC) can be levied on cess paid on inward supplies and it can only be used to pay the cess liability. For any excess cess, it can be debited as expense.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)