Dear Experts,
Please let me know the ledger entries for CST purchase (Exciseable and Non - Exciseable goods) where no input credits under VAT cannot be taken.
Example:
Value of Goods:Rs.100.00
Excise Duty:12%+Edu. Cess2%+Sec.Edu.1%=Rs.12.36
CST 2% on 112.36 = Rs.2.24
Total invoice value = Rs.114.60
In this case since there is no input credit for CST purchase under VAT, whether the entries in tally should be as follows:
Dr. Insterstate purchase @ 2% against form 'C' Rs.102.24
Dr.Cenvat Credit on Inputs Rs.12.00
Dr.Education Cess on Inputs = Rs.0.24
Dr.Sec. Education & H.E Cess on Inputs = Rs.0.12
Cr. Party = Rs.114.60
Please furnish detailed entries if the entries shown above are not right one.
Regards,
Govindarajan