We are a Firm importing hot rolled bars for manufacturing of final products. The import bill shows the following duties -
Basic Value of goods imported + BCD @ 5% on Basic Value = Total of BV + BCD
CVD = 12% on Total of BV + BCD
Customs Edu. Cess = 2% [ on BCD @ 5% + 12% CVD(as above) ]
Customs Secondary & Higher Edu. Cess = 1% [ on BCD @ 5% + 12% CVD(as above) ]
Additional Duty [Import Duty] = 4%
There is no mention of 2% E.Cess & 1% S.H.E.Cess on CVD in the import bill.
Kindly, suggest me as to what from the above can we get CENVAT Credit.
Also, suggest what should be done if wrong credit has already been taken of BCD 5%.
Pls reply soon
CAclubindia
