Reversal value of exempted goods

[HITENDRA DAVE]

what is the reversal value of exempted goods excise duty at the time 14% then was 10% reversed value , what is now

[Guest]

Dear Sir, From 01-04-2008 its 10% amount in lieu of excise duty and 8% amount in lieu of service tax. You have Three options viz; - Maintain Separate Accounts, Reverse 10% and 8% as mentioned above or Inform the Range Superintendent if you want to reverse the proportionate CENVAT credit as the the formula prescribed, in case of non maintenance of Separate Accounts. Regards, Pradeep Khatri, Consultant - Indirect Taxation, [email protected]

[Prabhakar Vennalaganti]

The question is too short, without eloborating the facts. Hence, based on which no reply can be give. Please eloborate more to advise suitably.

[HITENDRA DAVE]

export under ct-1 ,proof of export, manufacture are not responsile for sumbit the POE Range Superintendent am i right, murchant exporter fully responsible correct?

AI Summary

Reversal value of exempted goods: either maintain separate accounts, reverse amounts in lieu, or notify Range Superintendent for CENVAT proportioning. Reversal value of exempted goods allows three compliance options: maintain separate accounts; reverse the prescribed amounts in lieu of excise and service tax; or, if separate accounts are not maintained, inform the Range Superintendent to apply the prescribed formula to reverse a proportionate CENVAT credit. The thread also queries responsibility for Proof of Export under CT-1, noting merchant exporters carry responsibility for export documentation.