Cenvat credit

Save Share

This query is : Resolved

chico (Querist)

21 January 2012 our co.is mfg diff type of dyes and sell local and export.we are also import some raw material from diff counties. we paid Basic Duty 10 %, CVD 7.5%,Additional Duty 4%. my query is in RG 23 which duty we mention as cenvat credit. currently we are taking all three in our rg 23 as basic duty, is it true?

Dharmesh Modi

Dharmesh Modi (Expert)

22 January 2012 no you will take the cenvat credit on - 7.5% of CVD, then 3% on CVD & 4% Additional Duty and raiminning others duty to be booked as a Exp you can't take the cr. on it..

Rgds,
Dharmesh Modi..

chico

chico (Querist)

23 January 2012 Thank you Mr.Dharmesh Modi for solved my query.you clear my doubt

But,we are mention all duties in RG and till date there is no objection by department. is it possible?

when department noticed this type of things done in books.which type of steps will be taken by dept.

Dharmesh Modi

Dharmesh Modi (Expert)

23 January 2012 yes it is possible bcz. you have not mentioned separate duty in RG 23 -A or C means you have mentioned compiled amount so not traceable but it is possible at the time of CERA Audit,2000 auditor will be observed this things and a result he will be told you for reverse this amount (make Debit Entry in RG-23 Reg.) and amount pay through PLA or Cash for 1.5% PM Interest...

Rgds,
Dharmesh Modi..

Dharmesh Modi

Dharmesh Modi (Expert)