TaxTMI 
TaxTMI 
Dear Sir, Suppose a Co. has opted to take Cenvat credit on % basis .i.e provisional ratio of 2007-08 income basis and reversed Cenvat for Exempted portion viz Rs. 100 is admissable but 7% reversed on the basis of ratio ( Exempted : taxable)and out of balance Rs. 93 one has utilized Rs. 50 only and thus balance untilized cenvat is 43 . On 31.03.09 recalculate ratio on the basis of actual income and exemption ratio become 20% accordingly he reversed further Rs. 13 and now unutilized amt is Rs. 30. My query is : 1. Can he utilize unclaimed Rs. 30 in 2009-10 for pymt or he shd reverse it and book exp? 2. Should he inform this to dept before 30 June Manoj
Utilisation of unclaimed cenvat
21 Jun 2009 
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Cenvat credit apportionment: remaining unutilized credit after exempted share adjustment is eligible for utilization, with required intimation.
Cenvat credit apportionment requires applying the rules for common inputs to allocate and reduce credit attributable to exempted services; after deducting the exempted share the remaining credit is available for utilization without a specific limit. Recalculations that change the exempted share must be adjusted under the prescribed procedure and intimated to the tax administration. (AI Summary)
Cenvat credit apportionment requires applying the rules for common inputs to allocate and reduce credit attributable to exempted services; after deducting the exempted share the remaining credit is available for utilization without a specific limit. Recalculations that change the exempted share must be adjusted under the prescribed procedure and intimated to the tax administration. (AI Summary)