on 06-23-2007 9:07 AM
Hi
Can anybody say about CIN, whats the basic need?
thanks 2 all
As mentioned by Sriram, CIN is required only for manufacturing units in India, to capture, update & settle Excise Duty, Education Cess on Excise Duty & Higher Education Cess on Excise Duty.
CIN cover Excise Duties for both, MM & SD i.e Purchase & Sales. When we procure any goods, the excise duty for it may or may not be allowed for set-off. The excise duty which are eligible for set-off will trigger to separate G/L account & the goods not eligible for set-off benefit, is inventorised i.e excise duty is added as cost to material. Incase of purchase of capital goods, whole excise duty set-off cannot be taken in same year, but is to be divided into two & set-off for half is taken in this year & set-off for other half is carried forward to next year.
Considering simple example, say from sales we have collected Excise duty as 100 & the set-off accumulated is 70, then Excise duty payable is 30.
regards,
Rajesh Banka
reward points if helpful.
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Dear all
any body can tell me how to download the library
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hai,
CIN--county india version, cin represents exclusive tax customising for india by SAP. indian tax system is complex and it is different from other countries, requires at most understanding of the procedures.
need:
for every good manufactured/traded tax need to paid to the concerned authorities
so companies which implement tax use CIN which captures tax in the system.
all the tax procedures are customised in this CIN.
reward points
sriram.
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