Treatment of excise duty

Save Share

This query is : Resolved

Pravendra Singh Baghel (Querist)

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)

19 December 2013 yes separate exscise duty needs to be shown and sep a/c needs to be mainatained in this regard.

Message likes : 1 times

Ganeshbabu K

Ganeshbabu K (Expert)

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)
.
.
but better site with Deputy Commissioner of Central Excise or the Assistant Commissioner of Central Excise and get some suggestion about it...
.
.
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,
..
.
Refer
Notification No. 05/2006 - Central Excise (N.T.)

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

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now