CENVAT CREDIT AMOUNT

[ranjit kunar]

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

AI Summary

Credit Balance Adjustment in RG23C-Part-II: Options for Refund or Cross-Utilization Post-Cess Subsumption A participant raised a query about adjusting a credit balance in RG23C-Part-II following the subsumption of Education Cess and Secondary and Higher Education Cess into Basic Duty. One response suggested the possibility of obtaining a refund for the accumulated credit. Another response noted that this issue is widespread across India and recommended cross-utilizing the credit against service tax liabilities or seeking assistance from industry associations like FICCI or ASSOCHAM to petition the government for a refund.