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Central Excise - CENVAT Credit - Common issues in dispute in this bunch of cases - (i) Whether the goods cleared at the factory gate, depot or any other place of removal, (the expression of which is defined in Section 4(3) of the Central Excise Act, 1944) and delivered at the port of export for export shall entitle the appellants to th e Cenvat
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No need for CENVAT credit reversal on restaurant service; Deletes penalty. Enter your Indirect Tax username. Enter the password that accompanies your username. Content is exclusive and available only to subscribers. Please contact Sales on +91 9595218026 for more details on Subscriptions and special offers available.
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we make import of capital goods( Machinery) for our manufecturing unit. Can we take the payment of CVD, additional duty as cenvat credit. Is there any relation between Cenvat credit and Depreciation on the capital Goods. Because after a certain period the value of Capital goods will be written off due to regular depreciation charged.
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Obviously, the applicant, during the period prior to 1.7.2017, had been availing credit of duty paid on inputs/capital goods and service tax paid on services used in or in relation to the activity of extraction/manufacture of coal in terms of Cenvat Credit Rules, 2004, and utilizing the same for payment of duty due on coal manufactured and ...
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(v) Remission of duty on final product: Sub-rule (5C) provides that where on any goods manufactured or produced by an assessee, the payment of duty is ordered to be remitted under rule 21 of the Central Excise Rules, 2002, the CENVAT credit taken on the inputs used in the manufacture or production of said goods and the CENVAT credit taken on input services …
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In the case of M/s.Thiru Arooran Sugars Vs. The Custom, Excise and Service Tax Appellate Tribunal, Hon'ble Madras High Court held that CENVAT credit on capital goods used in the erection of various capital goods, viz., M.S.Plates, M.S.Angles, M.S.Channels and H.R. Plates, which were purchased and utilized in the construction/erection of plant is allowed by …
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Similarly the conditions imposed for availing set-off under Section 48(5) of the MVAT act, closely follows the conditions imposed in sub-rules (2), (3) and (4) of Rule 7 of the Cenvat Credit Rules, 2002 and similar provisions in the Central Excise Rules, 1944, Cenvat Credit Rules, 2001 and Cenvat Credit Rules, 2004, as they stood at the ...
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The tribunal headed by the Vice President, Rajpal Yadav held that the CENVAT credit is a credit or an entitlement in respect of Central Excise on inputs purchased in relation to the manufacture of final product. CENVAT credit is incidentally also available in respect of duty paid on capital goods as well such as machinery, plant, spare parts of machinery, etc.
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It has been observed that during the course of scrutiny of the records, it is noticed that the appellant had availed Cenvat Credit of duty of Central Excise and Service Tax on Capital Goods, Input/Input Services. The details of the CENVAT Credits with the particular heading have been mentioned in the said order.
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Taking into consideration the intent behind the amendment, scope of Rule 9 of the CENVAT Credit Rules, 2004 and scope of rule 16 of the Central Excise Rules, 2002, it was concluded that the time-limit prescribed in 5th proviso of sub-rule (7) of rule 4 of the CENVAT Credit Rules, 2004 CCR, 2004 would not apply when goods are brought back to the ...
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Manufacturer or provider is allowed to take credit on central excise duty paid on the capital goods or on final product received on or after 10 th September, 2004. CENVAT credit can be utilised for paying either of the following: For computers and its peripherals: 10% for each quarter in the first year. 8% for each quarter in 2 nd year.
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Central Excise Duty and Service Tax is charged by Central Govt. and its tax credit is called Cenvat credit and the rules for Cenvat Credit are given in Cenvat Credit Rules, 2004 (Applicable w.e.f 10.09.2004) and it covers tax credit of service tax as well excise duty.
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molasses. Cenvat Credit availed by the appellant on items was disallowed as it appeared to Revenue that these items do not appear eligible for Cenvat Credit as capital goods. Rule 2(k)(i) of CENVAT Credit Rules, 2004 provides input' means all goods used in or in relation to manufacture of final products which
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sir, we would like to send cenvat credit utilised capital goods on lease basis what documents to be carry with the goods, i have seen one article that 2.5% cenvat we need to reverse per quarter, we have utilised this machine for 11 quarters which will come to 27.5%, duty utilised 4 lakhs, what about balance amount of cenvat utilized value and what documuents to …
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CENVAT Credit on capital goods not deniable once duty becomes payable. Enter your Indirect Tax username. Enter the password that accompanies your username. Content is exclusive and available only to subscribers. Please contact Sales on +91 9595218026 for more details on Subscriptions and special offers available.
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++ CX - CENVAT taken on goods which did not undergo any manufacturing activity - since goods have been cleared on payment of duty, credit is admissible in terms of rule 16 of CER: CESTAT ++ ST - 6/2005-ST - Eligibility - Since renting of immovable property became taxable service only w.e.f. 01.06.2007, rent received in the year 2006-07 cannot ...
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4. The Union legislature framed different laws to usher in the GST regime in substitution of the existing Central Excise and Value Added tax provisions and certain other taxing statutes. The Central Goods and Services Tax Act, 2017 ("CGST Act" for short) was brought into effect from 1.7.2017.
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SP Ltd. purchased capital goods worth Rs.11,44,200, inclusive of excise duty @ 14.42%, on 1.4.2007. CENVAT credit attributable on such capital goods was duly accounted for. You are required to compute the amount of CENVAT credit to be reversed, if the capital goods were removed, after being used, on 2.11.2008. 3 (0) (d)
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CENVAT credit on inputs and capital goods, used for providing the taxable service, has not been taken under the provisions of the CENVAT Credit Rules, 2004. 11: Services by a tour operator: 60 (i) CENVAT credit on inputs and capital goods used for providing the taxable service, has not been taken under the provisions of the CENVAT Credit …
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Credit availment on Capital goods. COMMISSIONER OF CENTRAL EXCISE, MUMBAI-I Versus KRCD LTD. PJ/CASE LAW/2015-16/2990 Whether entire credit can be denied when a part of capital goods removed as such? COMMISSIONER OF C. EX. & S.T., VAPI VersusN.R. AGARWAL ; PJ/CASE LAW/2015-16/2989 Whether Cenvat Credit be availed of the unit …
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Cenvat Credit is, therefore, not available on these items. Availability of Cenvat credit on other inputs, input services and capital goods would be subject to the provisions of the Cenvat Credit Rules, 2004 including the provisions relating to reversal of credits contained in rule 6 of the said rules. Guidance Note 6 – Exemptions
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of Central Excise Tariff which they got manufactured on job work basis from another unit. The assessee was availing the facility of CENVAT Credit on various inputs, capital goods and input services. On scrutiny of the records of Excise and E.R.1s for the period from October, 2010, to
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Dear Friends, I have difference of opinion here. CENVAT Credit shall not be available on Capital goods under Rule 6(4) if the same are used exclusively in the manufacture of Exempted goods other then the exemption granted on basis of value of quantity or clearances during F.Y.. The above said Rule 6(4) has been amended vide Notification No. 13/2016-CE …
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Central Excise - CENVAT credit - appellant availed input services credit under Rule 2(l) ... material catching in the roll which determines the shape of the final products. Further, ... of the said welding electrodes was for repairing rolls which are vital capital goods used directly in relation to the manufacture of final products.
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The Central Goods And Services Tax Bill, 2017; The Integrated Goods And Services Tax Bill, 2017; The Union Territory Goods And Services Tax Bill, 2017; The Goods And Services Tax (Compensation To States) Bill, 2017; India Inc Will Get Tax Refunds to Ensure Fair Start to GST; Stakeholders View on 3 GST Reports Sought by Oct End
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The phrase 'processes amounting to manufacture or production of goods' has been defined in section 65B of the Act as a process on which duties of excise are leviable under section 3 of the Central Excise Act, 1944 (1 of 1944) or any process amounting to manufacture of alcoholic liquors for human consumption, opium, Indian hemp and other ...
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An illustrative list of Cost Records can be as follows: 1. Production 1.1 Raw Material consumption register/report; 1.2 Production report; 1.3 Rejections/wastages/scrap report; 1.4 Report on stoppage of machines with reasons; 1.5 Idle time report with reasons; 1.6 Machine utilization report; 1.7 By-Product & Joint Products. 2. Work-in-Progress and Finished Goods …
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Saraswati Sugar Mills Vs Commissioner Of Central Excise, Delhi- III (Supreme Court of India)- The question which arose before the Tribunal was that whether these items used for fabricating structures to support and install various machinery of the sugar plant are capital goods in terms of the Rule 57Q. The Tribunal while allowing the MODVAT credit found that …
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Earlier, only the member (central excise) of the Central Board of Excise and Customs (CBEC) could impose the restrictions. Now, that power has been given to chief commissioners of central excise. Rule 12CC of the Central Excise Rules, 2002, and Rule 12AA of the Cenvat Credit Rules, 2004, were first introduced on December 30, 2006, empowering an ...
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AMENDMENTS IN THE CENVAT CREDIT RULES, 2004. New Post : PPT Presentation on Union Budget 2016-17. Amendments related to Capital Goods. Wagons of sub heading 8606 92 included in the definition of capital goods; The Capital goods used in office located within factory is also eligible for Cenvat Credit.
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Document the system of accounting excise at the time of purchase of goods and materials, point of availment or utilization of CENVAT credit and entries passed at the time of availment/utilization of cenvat credit. ... Include whether audit under Central Excise Act, 1944 has been conducted or not in the letter of representation. ...
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