Dear all,
My queiry relateds to cenvat credit. i have described the cases.. i have a common tank for Furnace oil and it is used for both excisable & non excisable goods manufacturing.. Wheather, i can avail the CENVAT credit used on excisable goods which is supplied from the common tank of furnace oil?? Please do needful in this matter..
Thanks & Regards
Ashish h tiwari
(MBA, IPCC)
as exempted goods are not eligible for input credit, so you have to reverse the proportionate credit whcih are used in exempted goods on periodical basis. ( preferred monthly or at lower intervals)
You will have to reverse the credit.
Dear ashish
You have to reverse the Cenvat Credit wrong availament which is used for non-excisable goods praportionate basis.
Praportinate basis means , Praportionate to finished goods. In this case you have give a statement to Central exicise authorities and get ackowlegement for audit purpose.
| Originally posted by : RITIKA CHHABRA | ||
 |
yes the credit for non-excisable goods will have to b reversed.. |
 |
Rule 6 of CCR,04 is applicable... you may reverse 5% of Total value of goods (exempted as well as dutiable) or you have to reverse proportionate credit.
| Originally posted by : Sahil Mittal CA Final | ||
|
|
Rule 6 of CCR,04 is applicable... you may reverse 5% of Total value of goods (exempted as well as dutiable) or you have to reverse proportionate credit. |
|
CAclubindia
