hi friends
let me know while computing material consumption deduct whether modvat credit taken or availed
pls clarify as soon as possible
3 Replies
Ravikumar.G
(Consultant)
(18525 Points)
Replied 08 October 2007
CENVAT credit availed should be considered for materials consumption. If the same is added in your turnover you can also added the same amount in the material consumed other wise you should not. Because the cenvat to be availed is a balance sheet item not a revenue item you can avail upto its exaust.
Ravikumar.G
(Consultant)
(18525 Points)
Replied 08 October 2007
as per accounting standard and accounting standared interpretation the entities need to compulsarily disclose their grossed up turn over in the financial statements
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