TaxTMI 
TaxTMI 
As per amended CENVAT Credit Rules, 2011, NBFC or Banking Co is obligated to pay an amount equal to 50% of the CENVAT Credit availed. Whether they have to pay by cheque or they can utilize cenvat credit to pay the amount?
Regards
RAPG & Co.
CENVAT Credit by NBFC or Banking Co.
26 Aug 2011 
4 Replies 
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CENVAT credit reversal for NBFCs and banks can be paid by debiting credit or otherwise by due dates.
Where the rules require payment or reversal of an amount related to CENVAT credit by banking companies and NBFCs, the amount may be paid by debiting the CENVAT credit account or by other means (including cash), and must be remitted by the specified monthly due date, with a special due date for March. (AI Summary)
Where the rules require payment or reversal of an amount related to CENVAT credit by banking companies and NBFCs, the amount may be paid by debiting the CENVAT credit account or by other means (including cash), and must be remitted by the specified monthly due date, with a special due date for March. (AI Summary)