Ram Avtar Singh (Nagari Sultanpur U.P.Delhi) (14497 Points)
29 August 2010At the time of Purchase of DEPB
DEPB No.123456 Dr 100
To Party 95
to DEPB Premim 5
At the time of payment to Party
Party DR 95
To bank 95
At the time of Import Purchase Entry
Purchase Import Dr ******
Excise duty DR ****
Cess DR*****
Higher &Secondry cess Dr********
Additioal duty Dr******
to Pary Cr****
To Custom duty Cr****
To DEPN No123456 Cr *****
to Sea Freight DR****
To CHA Dr****
To container corporation Dr****
Dheeraj Mishra
(M.Com, MBA Finance)
(54 Points)
Replied 30 August 2010
Dear Sir
Thanks
Sir I want to now that if depb purchase with vat can we include in input vat credit. in my orgnistion
when purchase DEPB jurnol entry given below
purchase a/c dr
vat a/c dr
to creditors a/c
is this entry correct
i want to ask one more qustion to you
when we purchase depb with vat it means we paid to creditors more than the depb value
for eg if we paid to creditors 100 Rs for depb value 95 rs then what entry shouid pass
depb dr 100
to creditors 100
when we paid duty then
custom duty dr 95
to depb 95
how to treat 5 rs
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 31 August 2010
Take cenvat credit of Input Vat on Purchase of DEPB.
RAJEEV KUMAR MEHTA
(Business)
(340 Points)
Replied 19 September 2011
Dear Mr.R.A.Singh
Are there any court rulings or departmental circular/notification on this?
Would appreciate your response>
Best
R.K.Mehta
CAclubindia
