Treatment of excise duty

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Pravendra Singh Baghel (Querist)
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19 December 2013 a co. which is export oriented, receives a bill of material on which excise duty is charged. the co. does not accounting for excise duty separately.Is it correct? Should the co. maintain a separate a/c for excise duty (cenvat credit receivable).Can the co. claim the refund of excise duty

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 December 2013 yes separate exscise duty needs to be shown and sep a/c needs to be mainatained in this regard.

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Ganeshbabu K

Ganeshbabu K (Expert)
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19 December 2013 you better ask them why they are accounting like that,,in one case they told that they cannot utilize it...(in our client)
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but better site with Deputy Commissioner of Central Excise or the Assistant Commissioner of Central Excise and get some suggestion about it...
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Generally 100% EOU is entitled to take cenvat credit on the duty of input service and when they are not in a position to utlize they are entitled for benifit of refund under Rule 5 of cenvat credit rules 2004,
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Refer
Notification No. 05/2006 - Central Excise (N.T.)

You better take expert opinion in this regard from any excise expert and go ahead..

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