becker cma

Updated CA/CS/CMA Online/Pendrive/Download classes available for May 21/ Nov 21 attempt. Call: 088803-20003

coaching
Prodamy

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

CENVAT


Sathya Sankeerth K N (Chartered Accountant)     06 May 2011

Sathya Sankeerth K N
Chartered Accountant 
 14 likes  429 points

| My Other Post

pls explain what is CVD and special CVD incase of purchases from EOU?

can the same be used to avail CENVAT credit?

U S Sharma

U S Sharma (glidor@gmail.com)     06 May 2011

U S Sharma
glidor@gmail.com 
 1741 likes  21031 points

View Profile | My Other Post

 

CENVAT credit in respect of inputs or capital goods produced or manufactured, by a hundred per cent. export-oriented undertaking or by a unit in an Electronic Hardware Technology Park or in a Software Technology Park other than a unit which pays excise duty levied under section 3 of the Excise Act read with serial numbers 3,5, 6 and 7 of notification No. 23/2003-Central Excise, dated the 31st March, 2003, [G.S.R. 266(E), dated the 31st March, 2003] and used in the manufacture of the final products or in providing an output service, in any other place in India, in case the unit pays excise duty under section 3 of the Excise Act read with serial number 2 of the notification No. 23/2003-Central Excise, dated the 31st March, 2003, [G.S.R. 266(E), dated the 31st March, 2003], shall be admissible equivalent to the amount calculated in the following manner, namely:- 

 

Fifty per cent. of [X multiplied by {(1+BCD/100) multiplied by (CVD/100)}], where BCD and CVD denote ad valorem rates, in per cent., of basic customs duty and additional duty of customs leviable on the inputs or the capital goods respectively and X denotes the assessable value:

 

   Provided that the CENVAT credit in respect of inputs and capital goods cleared on or after 1st March, 2006 from an export oriented undertaking or by a unit in Electronic Hardware Technology Park or in a Software Technology Park, as the case may be, on which such unit pays excise duty under section 3 of the Excise Act read with serial number 2 of the notification no. 23/2003-Central Excise dated 31st March, 2003 [G.S.R. 266(E), dated the 31st March, 2003] shall be equal to {X multiplied by [(1+BCD/200) multiplied by (CVD/100)]}.

   Provided further that the CENVAT credit in respect of inputs and capital goods cleared on or after the 7th September, 2009 from an export-oriented undertaking or by a unit in Electronic Hardware Technology Park or in a Software Technology Park, as the case may be, on which such undertaking or unit has paid –

 

(A)

excise duty leviable under section 3 of the Excise Act read with serial number 2 of the notification no. 23/2003-Central Excise, dated 31st March, 2003 [G.S.R. 266(E), dated the 31st March, 2003]; and

 

(B)

the Education Cess leviable under section 91 read with section 93 of the Finance (No. 2) Act, 2004 and the Secondary and Higher Education Cess leviable under section 136 read with section 138 of the Finance Act, 2007, on the excise duty referred to in (A), shall be the aggregate of –

 

(I)

that portion of excise duty referred to in (A), as is equivalent to -

 

(i)

the additional duty leviable under sub-section (1) of section 3 of the Customs Tariff Act, which is equal to the duty of excise under clause (a) of sub-section (1) of section 3 of the Excise Act;

 

(ii)

the additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act; and

 

(II)

the Education Cess and the Secondary and Higher Education Cess referred to in (B).


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Trending Tags