can BCD & Edu cess liability set off with Cenvat credit?
This query is : Resolved
vishnukant
(Querist)
04 April 2008
Hi,
I want to know that if i have Cenvat credit in books in respect of Service Tax(12%) and Excise duty(16%) but there in no balance in EDU cess a/c (2%+1%) as credit.
now if i have Educatiuon Cess liability on sale/services, can i set off this with my above credit(Service Tax/Excise duty)
In case of 100%EOU if they are selling material in DTA, they have to pay costom duty(BCD) on such sale, can they set off this with their Cenvat credit?
pl reply
I want to know that if i have Cenvat credit in books in respect of Service Tax(12%) and Excise duty(16%) but there in no balance in EDU cess a/c (2%+1%) as credit.
now if i have Educatiuon Cess liability on sale/services, can i set off this with my above credit(Service Tax/Excise duty)
In case of 100%EOU if they are selling material in DTA, they have to pay costom duty(BCD) on such sale, can they set off this with their Cenvat credit?
pl reply
Arbind Aggarwal
(Expert)
07 April 2008
Basic duty can be used for payment of Education & SHE cess.
As per rules Edu.cess can not be utilised for payment of other duties but not in the opposite manner.
Yes , duty payable by EOU on DTA sale is also treated as excise duty and can be paid from Cenvat Credit.
I may be contacted at : arbindaggarwal@yahoo.com
As per rules Edu.cess can not be utilised for payment of other duties but not in the opposite manner.
Yes , duty payable by EOU on DTA sale is also treated as excise duty and can be paid from Cenvat Credit.
I may be contacted at : arbindaggarwal@yahoo.com
vishnukant
(Querist)
07 April 2008
Thanks for Clarification.
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