Just a moment...

Report
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
+ Post a Query
Post a New Query
Title :
0/200 char
Description :
Max 0 char
Category :
Delete Reply

Are you sure you want to delete your reply beginning with '' ?

Delete Issue

Are you sure you want to delete your Issue titled: '' ?

Discussion Forum

Back

All Issues

Advanced Search
Reset Filters
Search By:
Search by Text :
Press 'Enter' to add multiple search terms
Select Date:
FromTo
Category :
OR
Search by Issue ID:
NOTE: If you have inputs in both the fields, then results will be shown for issueId first.
Issue ID : 110242
- 0 -

Reversal of Cenvat credit

Date 26 Apr 2016
Replies4 Answers
Views 1889 Views
Asked By

Dear Sir

It has been sold Goods electrical equipment under mega power project without excise duty, customer has given certificate under Notification 12/2012 central excise SL 339 as amended 34/2012 for excise duty exemption. Following are my queries.

1. Is it required to reversed Cenvat credit under Rule 6.

2. If yes how to intimate Central excise Deptt when we have already filled excise return. Since goods has been cleared in various months.

Thanks in advance.

Pushkar Gupta

4 answers
Sort by

Old Query - New Comments are closed.

Hide
- 0
Replied on Apr 26, 2016
1.

Sir if the final product is exempt then the reversal of input tax credit taken is warranted.

Now the provision of revised return in excise is also introduced. Than.

- 0
Replied on Apr 27, 2016
2.

Agreed with Sh.Ganeshan Kalyani, Sir. If you have committed this lapse in so many returns, you can reverse credit along with interest. Interest has to be paid in cash. If you find some problem in filing revised return, you may show the amount reversed in ER-1 return for April, 16. Show interest paid in the column for arrears.

- 0
Replied on Apr 27, 2016
3.

Dear Sir

When Goods has been sold under notification 12/2012 under Sl 339 without excise duty to Ultra Mega Power under Project Authority Certificate- PAC certifies by Ministry of Power. Is it is required to reverse cenvat credit 5% in case supply of goods to Ultra Mega Power Project.

Please suggest on above situation.

Thanks

Pushkar Gupta

- 0
Replied on Apr 27, 2016
4.

Dear Sh.Gupta Ji,

You are to examine whether you fulfil the conditions laid down under Notification No.12/12-CE as amended. Whether your product is covered under this notification or not ? There must be terms and conditions in the agreement with your buyer. If your goods are covered under this notification and you fulfil all the conditions, then no reversal is required. There should be no intermediary. Supply should be direct for the mega project. Without going through terms and conditions, concrete reply is not possible. During my service I have seen lapses in such situations which resulted into reversal along with interest and penalty. No doubt supplied made under this notification does not require reversal under Rule 6(3) of the Credit Rules. So go word for word of notification vis-a-vis agreement..

Old Query - New Comments are closed.

Hide
Recent Issues