on 08-20-2007 2:48 PM
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
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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hi,
pls have the advice.
1) for manufacturing, when purchase, its input tax, debit cenvat account, say 100inr. when sales, will credit cenvat account, say (120)inr. correct?
2) there is only 1 cenvat account for all manufacturing transaction?
3) if point 2 is correct then how to know the balance of 20inr so can move to respective pla account like bed, aed, sed, etc.
4) pla account is payable or liabilities account, right?
5) why need to have cenvat clearing account? what is the role of this account? i know grir but this one i not so sure.
thanks
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