Noti. no. 1/2011-ce dt 1.3.2011
This query is : Resolved
06 January 2012
Dear Sir
We are mfr of Branded Jewellery (71131930 & 71131940). We have crossed limit of 1.5 crores. We are charging 1 % BED and relevant cesses. We also take relevant Cenvat credit of Input Service. We are showing in ER 1, Noti. No. 1/2011-CE dated 1.3.2011 (Sr.No.88).
Now, we have a doubt. 1% Excise is chargeable only if assessee do not take any credit of Input of Raw Material and Input Services. If you are taking cenvat credit, then you cannot charge 1 % BED. Instead, you should charge full rate of BED.
Now, pl. study this and let me know, whether we are correct on charging of 1% ? or we should charge full BED. IF SO, WHAT IS THE FULL RATE OF bed ON THE CHAPTER HEADING MENTIONED ABOVE.
THANKS IN ADVANCE
We are mfr of Branded Jewellery (71131930 & 71131940). We have crossed limit of 1.5 crores. We are charging 1 % BED and relevant cesses. We also take relevant Cenvat credit of Input Service. We are showing in ER 1, Noti. No. 1/2011-CE dated 1.3.2011 (Sr.No.88).
Now, we have a doubt. 1% Excise is chargeable only if assessee do not take any credit of Input of Raw Material and Input Services. If you are taking cenvat credit, then you cannot charge 1 % BED. Instead, you should charge full rate of BED.
Now, pl. study this and let me know, whether we are correct on charging of 1% ? or we should charge full BED. IF SO, WHAT IS THE FULL RATE OF bed ON THE CHAPTER HEADING MENTIONED ABOVE.
THANKS IN ADVANCE
U S Sharma
(Expert)
07 January 2012
1. Branded goods can not avail any benefit of value based exemption.
2. when input credit is availed, assessee can not get benefit of notification 01/2011
full rate is payable
2. when input credit is availed, assessee can not get benefit of notification 01/2011
full rate is payable
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