What is the Journal Entry to be passed for availing CENVAT Credit on Capital goods
Value of Machinary 500000
ED charged 50000
CENVAT available for first year (50%) 25000
Credit avaiable for the second year (25000).
Please clarify
1 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 25 September 2010
Machinery Account Dr 450000
Cenvat credit receivable dr 25000
Defered Cenvat credit receivable dr25000
To creditor 500000
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