Answer Posted / afridi

SCHEME DESIGNED TO REDUCE THE CASCADING EFFECT OF INDIRECT
TAXES ON FINAL PRODUCTS.
New Cenvat Credit Rules 2004 have been introduced with
effect from 10-9-2004 in place of earlier CENVAT CREDIT
RULES , 2002 AND SERVICE TAX CREDIT RULES,2O02

This credit can be utilized for payment of excise duty on
final products and service tax on output services. Credit
taken on input services can be used for payment of excise
duty and vice versa.

Credit can be taken for all services used in relation to
setting up, modernization or repairs of a factory, services
relating to advertisement or sales promotion, management,
recruitment etc.
Particulars Under non-Cenvat Rs. Under Cenvat Rs.A Raw
material 100 100
Add excise duty @16% 16 16
Total 116 116
Credit allowable Nil 16
Net cost of X 116 100
B Value Addition 100 100
Product Y 216 200
Add excise duty @16% 34.56 32
Total cost 240.56 232
Credit allowable Nil 32
Net cost of X 240.56 200
c Value Addition 100 100
Product Z 340.56 300
Add excise duty @16% 54.40 48
Total cost of Z 394.56 348
Credit allowable Nil 48
Net cost Z 394.56 300

At what point excise duty is accrued

1393

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Why TDS is not deducted on JSTF Contribution of Hinjewadi Industries Association?

2148

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WHAT IS TAXATION?

2283

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which purchases is profitable for us a building material purchases from direct of contactor ?

1829

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what is the prime cost? and factory cost how to calculate it?

2089

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certificate of export is for which items?

1858

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OUR CO. ACCEPT SODEXO COUPONS FORM CUSTOMERS; WHEN WE SUBMIT COUPONS FOR REIMBURSEMENT TO SODEXO THEY DEDUCT SERVICE CHGS AND S. TAX AND PAY BALANCE AMOUNT, DOSE IT ATTRACT TDS?

2822

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My Question is regarding WCT. During an audit of a company, i saw a contractor consolidated invoice for installation at site in which it shows labour charges and goods supply separately and no service tax and vat is charged. The company pay the whole amount to contractor after deducting TDS. my question is whether WCT also deducted? if deducted at which rate if company in gurgaon?

2175

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2107

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I had filed e-filling IT Return for A.Y.2011-12 before 1yr but yet I have not get Refund & not seen refund status at on income tax site now I filed e-return for A.Y. 2012-13 now what i do for refund A.Y. 2011-12?

2031

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if i paid interest on tds for ex:- tds deducted on rent for the month of april, may, june rs. 20000 each for month and tds paid on 7th july then i have to pay interest @ 1.5% for rs. 1200 , 900 , 600 respectively , so i wanted to know what is the entry for rising of this interest in accounting software other than tally

1433

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