CENVAT CREDIT AMOUNT

[Guest]

We have a credit balance in RG23C-Part-II where we adjust the output excise with it. From march onwards the Education Cess and Secondary and Higher Education Cess has been subsumed in Basic Duty. How i adjust the Credit balance in part-II

[DR.MARIAPPAN GOVINDARAJAN]

We may hope for getting the refund of accumulated credit in your case.

[YAGAY andSUN]

Dear Ranjit,

This is an issue which is popping out PAN India basis. If you are the provider of output services then it can be cross utilized against the service tax liabilities or make a presentation through FICCI, ASSOCHAM or your industry association to get the refund from the Government.

Regards

YAGAY and SUN

(Management, Business and Indirect Tax Consultants)

AI Summary

Cenvat credit adjustment: refund or cross utilisation against service tax liabilities after cesses subsumed into basic duty. A CENVAT credit balance in RG23C Part II remains after cesses were subsumed into Basic Duty; taxpayers may seek either a refund of the accumulated credit or, if they provide output services, cross utilise the credit against service tax liabilities, and may also pursue recovery via industry representation to obtain a refund from the Government.