Avail 50% discount on all subjects for Nov batch(access till Nov 20th). Use coupon code Nov14.

×

Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Excise >

Cvd 3(1) and cvd 3(5) credit

    Post New Topic
Pages : 1





employess


[ Scorecard : 24]
Posted On 23 February 2012 at 15:53 Report Abuse

hello friends, Please clear one doubt relating to excise

if a company is getting exemption from payment of excise duty on finished product but liable to pay vat on the sale
and company is making import of raw material and paid a CVD 3(1) and CVD 3(5) as per custom law then the credit of both is available to the co. or not


Online classes for CA CS CMA



neeraj
CA


[ Scorecard : 930]
Posted On 23 February 2012 at 15:57

Will get credit of CVD 3(5) but i don't think it will get credit of 3 (1).





Mallikharjun
Deputy Manager


[ Scorecard : 304]
Posted On 23 February 2012 at 17:05

Even if you get credit of 3(5), you cant utilise it since your final product is exempted one.  Regarding 3(1), you need not pay at all while importing.  You can show that your FG is an exempted one and need not pay CVD for your inputs.




Rakshit
practising


[ Scorecard : 246]
Posted On 23 February 2012 at 22:45

Under Rule 3(1) of the Cenvat Credit Rules,2004, a manufacture or producer or provider of output service may be allowed  credit of various duties/tax including  CVD 3(1) & 3(5) provided the inputs are used in the manufacture of dutiable final product. As you are exempt from excise duty, you are not eligible for any credit.

Regards

Advocate Raksh*t Verma




CA sumit chejara
ca final


[ Scorecard : 99]
Posted On 24 February 2012 at 08:31

Dear friend  u can not claim credit of CVD 3(1) as your final product  is non dutiable, and a manufacturer can never be claim of credit of CVD 3(5)  it only availabe to trader.




Mallikharjun
Deputy Manager


[ Scorecard : 304]
Posted On 24 February 2012 at 11:52

No... A manufacturer can also claim 3(5) credit i.e., Additional duty of customs (in lieu of sales tax) and can utilise the same for payment of BED. 




VED PRAKASH
ACCOUNTANT


[ Scorecard : 21]
Posted On 22 June 2012 at 14:07

... A manufacturer can also claim 3(5) credit i.e., Additional duty of customs (in lieu of sales tax) and can utilise the same for payment of BED.  please clear rule or notification



There are 6 Replies to this message






Related Files








Related Threads


Post your reply for Cvd 3(1) and cvd 3(5) credit



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.



Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top