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Do you debit or credit proceeds of sales of fixed asset in trial balance?
credit credit credit
Why does Experian have credit files?
Experian is a global information services group. That's why they have credit files of people: they collect public and credit data to produce credit reports and credit scores.
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
What is the purpose of a free credit report?
The purpose of a free credit report is that the individual can get a report of their credit records. This way they can know what there standing is in terms of credit, and see if they have good credit or bad credit without paying any fees or services.
Can a a credit company file the same account twice on your credit report?
It happens and can be disputed. Call you credit card company or credit agencies.
What is RG23A?
RG23A is a register which in turn mainatin for CENVAT or INPUT credit taken. The form RG23A is Actually RG23A- Part-I and Part-II and it was required to be maintained by the Central Excise Duty payers. All raw material received is credited RG23a Part-I and issue for production is debited, this is stock register of excisable raw material. RG23A Part-II is the register for Cenvat Credit. Cenvat credit on all raw material is taken in part - II and duty from cenvat credit account is debited. RG23C Part-I is register of capital goods and RG23C Part-II is register of cenvat credit on capital goods.
Format of cenvat credit register?
It contains information viable for credit collection. This information, enables all service providers to collect credit on any tax payable to the service offered.
CENVAT credit utilization scheme?
If any manufacturer purchased a material, which is duty paid, and if it is used for his further manufacturing activity, he can avail this as credit in his book based on the Central Excise Invoice.� At the time of selling his manufactured goods, he is liable to pay the excise duty.� He can adjust the credit which he has taken into his book and pay the rest. For example, CENVAT availed at the time purchased various goods is 20,000. CENVAT payable for his product at the time sales�25,000. In complete he will pay only 5000 through cash deposit in PLA.
Can you avail Cenvat Credit on Original Copy of Invoice?
In normal course we avail the cenvat on duplicate for transporter copy of invoice and the same is lost by the transporter in transit. In that case we can avail the cenvat on original invoice. As such there is no procedures is prescribed for this but to prove our bonafide we have do the following. 1) Take the affidavit from the transporter / driver of vehicle that duplicate for transporter copy of invoice has been lost in transit and; 2) FIR copy lodged by the driver or transporter in the nearby police station, where the invoice has been lost. We have to keep the above two documents in our record along with original invoice. This is require since during the audit department may raise the question for chances of double Cenvat credit on both copes but if the affidavit and FIR copies are attached to original copy its satisfies the audit party and also further litigation of doubt of double Cenvat credit may not be arise.
What is difference between modvat and cenvat?
i tjink there no deference between modvat and cenvat. cenvate is the latest name of modvate
What is cenvat?
Cenvat which is Central Value Added Tax has its origin in the system of Value Added Tax that known as VAT, which is common in West European Countries.
Can you take Cenvat Credit of Service Tax paid on Outward Freight?
Yes, we can take Cenvat Credit of Service Tax paid on Outward Freight satisfying following 3 conditions. (i) the ownership of goods and the property in the goods remained with the seller of the goods till the delivery of the goods in acceptable condition to the purchaser at his door step; (ii) the seller bore the risk of loss of or damage to the goods during transit to the destination; (iii) the freight charges were an integral part of the price of goods.
Can cenvat credit be availed when duplicate for transporter copy of invoice or bill is lost in transit?
ALSO SEE 2.10 Documents chapter 5 of CBEC MANUAL. Where in it is clearly mentioned that CENVAT CREDIT CAN BE TAKEN ON INVOICE ISSUED BY A MANUFACTURER FROM HIS FACTORY…."NO WHERE IT IS MENTIONED THAT CREDIT CAN BE TAKEN ONLY ON DUPLICATE COPY OF TRANSPORTER"CBEC'S CENTRAL EXCISE MANUALChapter-4INVOICE SYSTEM4. Number of Invoice copies4.1 The invoice shall be prepared in triplicate in the following manner, namely:-i. the original copy being marked as ORIGINAL FOR BUYER;ii. the duplicate copy being marked as DUPLICATE FOR TRANSPORTER;iii. the triplicate copy being marked as TRIPLICATE FOR ASSESSEE.4.2 The above requirement is mainly for Central Excise purposes. However, the assessee may make more than three copies for his other requirements. But such copies shall be prominently marked "NOT FOR CENVAT PURPOSES'.Misc.clarificationThere is also a recent judgment of High Court UOI v. Kataria Wires Ltd. [2009] 241 ELT 31 (MP) which supports this view.Renjith M.G.renji2007@gmail.com
What is difference between DEPB and Advance license?
Those who don't want to take the route of Advance License have option of Duty Entitlement Passbook Scheme. Customs duty paid on imported inputs are granted duty credit against exports. It is granted as percentage of FOB value. The Director General of Foreign Trade notifies the rates. DEPB is issued only for exports made in freely convertible currency. DEPB holder can import raw materials, component, parts, packaging material etc. It is valid for 12 months from date of issue. DEPB or goods imported against it are freely transferable. The port from where goods are to be imported shall be stated on DEPB. Additional customs duty adjusted from DEPB shall not eligible for CENVAT/drawback. Exports made under DEPB are not entitled for drawback, but additional customs duty paid in cash on inputs under DEPB is eligible for CENVAT/drawback as per rules of department of revenue.
What does a credit department do in a bank?
credit department handles the credit granting, credit collection and credit limits of their applicants
What is the classification of credit according to type of credit?
1] Consumer Credit 2] Mercantile or Commercial Credit 3] Bank Credit 4] Investment Credit
What is the adverb for credit?
Credit and Debit cards, Credit.
