unutilised credit

[palaniappan thirukalathiappan]

Dear All,

Please let me know, is there any provisions to take refund of un utilised credit lying in books, which is more than 1 crore.  We are not any export oriented or direct exports. OR any other provisions to transfer to our  other units.

Thanking you all in advacce.

Srinivas

[YAGAY andSUN]

Through LTU you can transfer the unutilized CENVAT credit to your other units.  Kindly check the LTU procedure in this regard by clicking the below link:-

http://www.ltu.gov.in/index1.htm

 

[dinesh agrawal]

Presently there is no provision for refund of CENVAT credit except under Rule 5 of the CENVAT Credit Rules, 2004.

[DEV KUMAR KOTHARI]

Your query is incomplete. It will be risky to post a reply based on such query assuming some facts. Please post full details of nature of credit,  and applicable provisions about which you have raised the query. As per your query it can relate to CENVAT or VAT input credit.

AI Summary

Unutilised CENVAT credit: refund limited; transfer to other units possible through LTU procedures under applicable rules. Refund of unutilised CENVAT credit is generally restricted and available only under specified provisions of the CENVAT Credit Rules (notably referenced as Rule 5); alternatively, transfer of unutilised CENVAT credit to other units may be effected through the LTU transfer procedure, subject to compliance with its formalities and verification of the precise nature of the credit.