TaxTMI 
TaxTMI 
FMS Scheme
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....MS Scheme<br> Query (Issue) Started By: - Sanjay Sharma Dated:- 28-7-2012 Last Reply Date:- 1-8-2012 Central Excise<br>Got 3 Replies<br>Central Excise<br>Dear Experts, As per the notification no. 30/2012-Central Excise Tariff, we understand that we can procure the excisable goods from the domestic market without payment of Excise duty by using the Focus Market scheme duty credit scrip but, there ....
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....is a confusion about the utilization of the said FMS for the Excise duty payment on finish goods. In other words, can we adjust our Excise duty liability on final product against the said FMS rather tan paying the said excise duty by cash or by cenvat credit & if the case is like this then what would be the mechanism to utilize the FMS as there is no change in the form ER-1 yet to taking the effe....
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....ct of this notification?. pls. provide your experts advise in this. Regards Sanjay Sharma Reply By Sanjay Sharma: The Reply: If any one can enlighten us in this matter pls. Regards Sanjay Sharma Reply By Alok Kumar: The Reply: Dear Mr. Sanjay Sharma, In terms of para"J" of the above quoted central excise notification you will be entiltled to the cenvat credit of the central excise duty el....
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....ement debited in the scrip. Once the duty of central excise is debited on the reverse of the scrip you can claim the same in your records. In the similar way the credit will be taken in your ER-1/ER- 3 RETURN respectively too . when the goods are sourced from manufatcturers then you can show it as goods received from manufcaturers or CENVAT claimed agst. manufacturers . thanks, warm regards, ....
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....alok kumar Reply By Alok Kumar: The Reply: Dear Mr. sanjay, Once you justify the said sourced goods to be your inputs / capital goods you can ser off the said cenvat credit agst your central excise duty liablity of your final excisable goods. thanks, Alok Kumar<br> Discussion Forum - Knowledge Sharing ....