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of <h1>Clarification on Cenvat Credit: Trade Discounts Affect Credit Only If Both Price and Duty Are Reduced, Not Just Inputs.</h1> The circular addresses the issue of whether manufacturers need to reverse Cenvat Credit when a trade discount is applied after the excise duty has been paid. It clarifies that if a discount is given on the value of inputs and not on the duty paid, the full amount of duty shown on the invoice remains available for credit. However, if both the price and duty are reduced, only the reduced duty amount can be claimed as credit. It is essential to ensure that the supplier has not claimed a refund due to the price reduction.
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