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Excise credit on Goods IMported.

This query is : Resolved 
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(Querist)
19 June 2009 Dear sirs n friends ,

whether C.V.D paid by a first stage dealer is eligible for set-off against Excise Liabilty ? n can dis benefit b passed on to the next stage dealers ?
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CA.SHAHZAD SAYYED

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CA.SHAHZAD SAYYED (Expert)
19 June 2009 Dear Dubey
CVD under section 3(1) of Custome Tariff Act is allowed as Cenvat Credit, the CVD u/s 3(1) shall always be equal to Basic Excise duty

However if importer is Manufacturer then CVD u/s 3(5) is also allowed as cenvat credit, the rate shall be equal to local sales tax etc.
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