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Former Member

cenvat and pla

hi,

i need to know if

1) cenvat account is receivable or expense?

2) what is cenvat clearing for?

3) what is cenvat on hold for?

4) what is the difference for cenvat account and pla account like pla on hold, plaaed, plabed...

point will be given.

thanks

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1 Answer

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    Former Member
    Posted on Aug 20, 2007 at 02:48 PM

    Hi Eliana,

    1) CENVAT is a receivable a/c.

    2) CENVAT clearing is a control / intermidiary a/c through whci you route CENVAT related entries.

    3) CENVAT on hold is used for Capital goods, so when you purch a asset, 50% CENVAT amount will be debited to this account.

    4) Entries in CENVAT a/c will happen on purchase (material/cap goods), whereas in PLA the entries happen when you actually deposit the amount in the bank/gov a/c.

    Hope this helps.

    Br, NK

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    • Former Member Former Member

      hello,

      the role of cenvat clearing a/c is to clear the cenvat and pass the values to their respective excise register a/c such bed, aed, ece,etc

      u cannot post directly to register a/c.

      hope this is use ful tips.

      please reward points.