additional CVD @ 4% available as tax credit against VAT

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JAYENDRA PANCHAL

CHARTERED ACCOUNTANT

41 Points Posted on 28 November 2007

Additional CVD @ 4% available as tax credit against VAT if the product is exempt from excise ? If yes, then procedure to avail such tax credit?

Replies (4)

Guest

459680 Points Posted on 29 January 2008

DEAR JAYENDRA, I HAVE HEARD THAT THE CVD MAY @ 4 % MAY BE SET OFF AGAINST VAT. IF YOU RECEIVE ANY INFORMATION,PLEASE LET ME KNOW. THKS & REGGARDS AJAY AHUJA

Geek

Student CA Final

107 Points Posted on 05 February 2008

Jayendra,

If the imported goods are sold in India, irrespective of whether they are exempt from excise, then credit of 4% CVD would be available.

However, the buyer of such goods would not be able to take credit ofsuch CVD. A mention of the fact that the CVD credit (SAD) would not be CENVATable is required on the invoice at the time of local sale.

Geek

Student CA Final

107 Points Posted on 05 February 2008

Jayendra, If the imported goods are sold in India, irrespective of whether they are exempt from excise, then credit of 4% CVD would be available. However, the buyer of such goods would not be able to take credit ofsuch CVD. A mention of the fact that the CVD credit (SAD) would not be CENVATable is required on the invoice at the time of local sale.

Guest

459680 Points Posted on 12 September 2008

Dear Sir,

I need your advise on the following matter :

DGFT has informed us to pay customs duty + interest on excess imports against Advance licence of product Di Methyl Therephthalate. The customs has given us duty calculation on excess imports as (duty structure 12.5%+16%+2%+2%+4%) which includes CVD @ 16%. Can we take credit of this CVD @ 16% which to be paid against the excess imports ??

Thanks and Best Regards.

Snehal

ASHU ORGANICS (I) PVT.LTD.