Cenvat - detailed explanation
Can any one give me a detailed information abt CENVAT, i'm new to tax areas. therefore pls provide in detailed abt blw,
i.e when i'm doing migo and miro what will happen and how to use the cenvat credit and utilization .. it will be useful if u could explain with proper tocodes and a/c ing effect.
Thanks in advance.
When u do J1IEX tcode,CENVAT amount will be credited for Cenvat Clr account.
When u do utilisation,the amount credited is used for the Knock off.
Suppose in Clearing account,20000 INR is there.
When you want to pay 40000INR,this 20000INR is utilised(as u already paid) and remaining 20000INR to be paid.