Cenvat credit
This query is : Resolved
29 August 2011
Please explain Rule 3(6) of CCR.
From what i understood-
The assessee can claim cenvat credit on input or CapGoods. Then he pays cenvat under circumstances of 3(5) or 3(5A).
The he himself is eligible for such credit paid under 3(5) or 3(5A) as per rule 3(6).
Is my interpretation correct?
From what i understood-
The assessee can claim cenvat credit on input or CapGoods. Then he pays cenvat under circumstances of 3(5) or 3(5A).
The he himself is eligible for such credit paid under 3(5) or 3(5A) as per rule 3(6).
Is my interpretation correct?
29 August 2011
Kindly check following link for all the detailed interpretation.
https://www.caclubindia.com/articles/rule-6-of-cenvat-credit-rules-2004-easy-understanding-5058.asp
https://www.caclubindia.com/articles/rule-6-of-cenvat-credit-rules-2004-easy-understanding-5058.asp
30 August 2011
The above post relates to rule 6.
my query is rule 3 subrule 6
my query is rule 3 subrule 6
30 August 2011
assessee claimed input credcit on capital goods Rule 3(1)
once credit is availed, he is liable to pay duty on removal of such capital goods from factory of manufacture under Rule 3(5) or 3(5A)
the next buyer is eligible for input credit of such duty on the strength of invoice issued by assessee.
The assessee himself who have cleared the goods is not at all eligible for credit which is paid under rule 3(5) or 3(5A)
once credit is availed, he is liable to pay duty on removal of such capital goods from factory of manufacture under Rule 3(5) or 3(5A)
the next buyer is eligible for input credit of such duty on the strength of invoice issued by assessee.
The assessee himself who have cleared the goods is not at all eligible for credit which is paid under rule 3(5) or 3(5A)
30 August 2011
I agree with the experts
30 August 2011
Dear expert,
the rule provides credit to the person who removes the goods.
Is not the manufacturer who removes the goods?
the rule provides credit to the person who removes the goods.
Is not the manufacturer who removes the goods?
31 August 2011
removal means clearance to next buyer on payment of duty under rule 3(5) or 3(5A), in excise terms.
The Manufacturing industry who is owner of the capital goods has to clear the goods to next person on invoice.
Rule does not allow the credit to the "person who is removing the goods" but he is eligible for input credit when the machines were 1st brought to his factory as capital goods. (50% in 1st year and balance in subsequent year)
when he removes the goods, he has to pay the duty, and such duty can not be claimed as input credit by himself,
such duty can be taken as input credit by the person who has taken position of the used capital goods after removal from factory under cover of an invoice and duty paid under rule 3(5) or 3(5A)
The Manufacturing industry who is owner of the capital goods has to clear the goods to next person on invoice.
Rule does not allow the credit to the "person who is removing the goods" but he is eligible for input credit when the machines were 1st brought to his factory as capital goods. (50% in 1st year and balance in subsequent year)
when he removes the goods, he has to pay the duty, and such duty can not be claimed as input credit by himself,
such duty can be taken as input credit by the person who has taken position of the used capital goods after removal from factory under cover of an invoice and duty paid under rule 3(5) or 3(5A)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Specified Profession
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Agriculture income or business income
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
