on 04-17-2008 5:02 AM
Hi experts,
Could any one answer the queries
1. What is meant by utilisation in CIN
2. What are the configuration setting required for updating the excise registers.
points will be awarded for useful replies.
Thanx in advance,
Hi,
Utilisation in CIN
Monthly the Excise people from plan has to submit the all excise related reports.one of the reports is this one, where it cumulate the all Accounts related for sending out from the plant.
The fortnightly utilizaton for CENVAT can be found by following this path in the tree structure-
India Localization Menu -> Indirect Taxes -> Sales/ Outbound Movements ->Excise Invoice -> Fortnightly Payment.
You can use :J2i6 also for getting the 23A & 23C registers.
regards
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HI
CIN is meant for taxation of excise tax, sales tax.In manufacturer put the input tax when he produces goods.When you buy the material you are taking credit MODVAT/CENVAT for the material and you can claim from excise department.
I'm giving you the a/c entries for CIN
For Domestic Procurement of Raw Material
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr.
Cenvat Clearing Cr.
During Invoice Verification
Cenvat Clearing Dr.
GR/IR Clearing Dr.
Vendor Payable Cr.
For Domestic proceurement of Capital Goods
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr. (50%)
Cenvat On-hold Dr. (50%)
Cenvat Clearing Cr.
During Invoice Verification
Cenvat Clearing Dr.
GR/IR Clearing Dr.
Vendor Payable Cr
Subsequent of Capital Goods
Cenvat Account Dr. (50%)
Cenvat On-hold Cr. (50%)
For Import Procurement of Raw Material
During Customs Duty Clearing invoice
Custom Clearing Dr.
Custom Payable Cr.
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr.
Custom Clearing Cr.
During Invoice Verification
GR/IR Clearing Dr.
Vendor Payable Cr.
For Excise Duty Credit of Raw Material without PO
Cenvat Account Dr.
Cenvat Clearing Cr.
For Excise Duty Reversal through Excise JV
Cenvat Clearing Dr.
Cenvat Account Cr.
During Excise Invoice Creation
Cenvat Suspense Account Dr.
Cenvat payable Cr.
For TR6C Challan
PLA Account Dr.
PLA on hold Account Cr.
During Fortnightly Utilization
Cenvat payable Dr.
Cenvat Account Cr.
PLA Account Cr.
Note: Cenvat Suspense Account should be cleared apprpiately using FI JVs.
For Subcontracting Challan Reversal
Cenvat Reversal Dr.
Cenvat Account Cr.
For Subcontracting Challan Recredit
Cenvat Account Dr.
Cenvat Reversal Cr.
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