Whether cenvat credit is to be revesed if we are deducting discount on final payment from the purchase invoice on which we have taken credit ? For eg. Purchase invoice was of Rs. 1,00,000 and excise duty was Rs. 10,300 and final payment on this invoice was only Rs. 90,000. Now whether credit will be reversed to the extent of Rs. (10,300 * 90,000/100,000) ?
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Cenvat credit reversal
Replies (3)
HI Prince
Manufacturer is eligible for credit attributable to discounted price as per Board circular No. 877/15/2008-CE dt 17.11.2008.
Thanks And Regards
Suraj Pahuja
Thanks Suraj. Whether the same will apply to Service Tax credit also ?
yes for the same you may refer board circular Circular No. 122/03/2010 – ST
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