utilization of cenvat on Raw Material
This query is : Resolved
Rajinder Ahuja
(Querist)
05 January 2011
Dear
Please tell me please if we purchase raw material 120% of sale,i.e. more than sale then it is cleared that material is lying in stock.
if material is lying at raw material stage then can we use this cenvat on raw material on payment of excise on sale.
as purchase is more than sale so duty payable becomes nil.
is it right not to deposit excise duty or we cannot take benefit of excise on stock lying as raw material and accordingly we have to keep the excise duty on raw material in our stock and balance to pay
Please tell me please if we purchase raw material 120% of sale,i.e. more than sale then it is cleared that material is lying in stock.
if material is lying at raw material stage then can we use this cenvat on raw material on payment of excise on sale.
as purchase is more than sale so duty payable becomes nil.
is it right not to deposit excise duty or we cannot take benefit of excise on stock lying as raw material and accordingly we have to keep the excise duty on raw material in our stock and balance to pay
CA ASHISH GUPTA
(Expert)
05 January 2011
You can take credit of whole raw material.
Rajinder Ahuja
(Querist)
05 January 2011
its right. we can take modvat
please tell me can we adjust the cenvat against duty payable or we have to keep in stock the excise duty proportionately on raw material.
please tell me can we adjust the cenvat against duty payable or we have to keep in stock the excise duty proportionately on raw material.
CA ASHISH GUPTA
(Expert)
05 January 2011
u can utilise whole credit.
Rajinder Ahuja
(Querist)
05 January 2011
Thanks Mr. Ashish
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