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

Participant Seeks Refund or Transfer of Unutilized CENVAT Credit; Rule 5 Cited for Limited Refund Options A participant inquired about the possibility of obtaining a refund or transferring unutilized CENVAT credit exceeding 1 crore, noting that they are not involved in exports. One respondent suggested transferring the credit through the Large Taxpayer Unit (LTU) procedure, while another mentioned that refunds are generally not available except under Rule 5 of the CENVAT Credit Rules, 2004. A third respondent advised providing more details, as the query was incomplete and could pertain to either CENVAT or VAT input credit.