Reversal of Cenvat Credit supply made under Notification N.33/2012-CE dated 09.07.2012 against SHIS DUTY CREDIT SCRIP

[SHAHID HASHMI]

Please advice whether reversal of cenvat credit in terms of Rule 6 (3) of Cenvat Credit Rules 2002 are applicable in respect of clearances made without payment of Central Excise Duty under Notification No.33/2012-CE dated 09.07.2012 against Status Hoder Incentive Scheme Duty Credit Scrip.

AI Summary

Cenvat Credit Reversal Not Required Under Rule 6(3) for Duty Paid via SHIS Scrips, per Board Circular A discussion on the applicability of Cenvat Credit reversal under Rule 6(3) of the Cenvat Credit Rules 2002 for clearances made without Central Excise Duty payment under Notification No. 33/2012-CE against the Status Holder Incentive Scheme Duty Credit Scrip. One participant referenced a Gujarat High Court judgment, while another cited a Board circular clarifying that duty debited under SHIS and similar scrips is considered as payment of duty, thus Rule 6 does not apply. A third participant confirmed that no reversal is required.