We are a manufacturer and we are purchasing sewing machines from another manufacturer on which Excise duty is charged by the manufacturer @ 1%...............
Can we take the CENVAT Credit of the Excise duty charged by him??????????????
We are a manufacturer and we are purchasing sewing machines from another manufacturer on which Excise duty is charged by the manufacturer @ 1%...............
Can we take the CENVAT Credit of the Excise duty charged by him??????????????
No credit of excise duty will not be available.
An excise duty of 1% without Cenvat credit facility is being imposed on about 130 specified Items, which were hitherto either fully exempt from excise duty or chargeable to nil rate ofexcise duty.
CAclubindia
