Countervailing duty and cenvat

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Shyam Kumar T K

Shyam Kumar T K (Querist)
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30 November 2011 What is countervailing duty?
Can CENVAT credits be availed on Countervailing duty?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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30 November 2011 Countervailing Duty (CVD) - This duty is equivalent to central excise duty leviable on a like product manufactured in India. Current rate applicable to majority of the industrial products is 16 per cent plus 2 per cent education cess, taking the effective rate to 16.32 per cent. This duty is calculated on the value of product + basic customs duty.

a manufacturer can avail of the credit of the central excise duties or additional duties of customs (i.e. CVD) paid on specified inputs and capital goods used in the manufacture of excisable goods and also service tax paid on eligible input services and utilize it in discharging central excise duty on finished excisable goods.

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