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what is capital good and asset as per excise.
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Capital Goods are those which are used in direct
manufacturing of a Finished Goods.Assets are those used not
in direct manufacturing but for secondary purpose.As per
CENVAT credit facility is available (like 50% in year
capital goods purchased and remaining 50% in subsequent
year of purchase).
| Is This Answer Correct ? | 16 Yes | 2 No |
Answer / shanmuka rao goru
In general words Capital goods means equipment, machinary
used by Manufacturer for manufacturing goods or service
provider to provide services subject spesified goods in
definition.(CENVAT Credit Rules , 2004)
Object : Manufacturer or service provider can take credit
(Excise Duty on Captial Goods ) on capital good and deduct
from Excise duty or Service tax payable.
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / pradeep dxit
When the Excise Duty to be paid by the manufacture
| Is This Answer Correct ? | 1 Yes | 0 No |
I have some queries about Service Tax, I am working in a Insurance Broking Company. 1) We have raised one bill on 25.04.09 for the services provided by us in the month Mar, 09 Now We received the chq on May, 09 followed in the Month of June,09. When the service tax is actually payable in the month of received of Service tax amount or in the month of services actually provided by us (Mar09) 2) Can we take 100% credit of Service Tax Input paid to those who provided services to us. Suppose Service Tax payable is Rs. 100/- and Service tax charged by the other firms/company Rs. 80/-. The question is That can we deduct Rs. 80/- (already paid). Now Net ST payable would be Rs. 20/- or other percent of service tax input is available 3) What is the rate of interest for Service tax if not paid on time. Pls help me out asap
0 Answers ABB, Chartered Accountant,
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