CENVAT CREDIT.

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Presentation transcript:

CENVAT CREDIT

Basic Features Concept of Cenvat credit. Landmarks – 1986, 1994 & 2004. Cenvat Credit Rules, 2004.

Applicability Manufacturers. Service providers.

Certain terms. Input. Capital goods. Input Services. Input Service Distributor. First / Second stage dealer.

Cenvattable duties / taxes Basic Excise Duty. CVD. NCCD. Education CESS. Addl. Duty of Customs – Sec. 3(5). Service Tax and CESS thereon.

Utilisation and Restrictions on utilisation Payment of Excise duty. Payment of Service tax. Other payments. Cross utilisation.

Other conditions. Capital goods – 50 % restriction. No to “having the cake and eating it too - Depreciation / Cenvat Credit. Removal of inputs / capital goods - the story “as such”.

Other conditions. Removal for job work. Write off. Service Tax Credit - Pay and use. Documents for availing credit.

Rule 6 Algebra. Position upto 31.03.2008. Position from 01.04.2008.

Rule 6. Protection to certain clearances. Protected Services. Chandrapur Magnet Wires (P) Ltd Vs CCE. 1996 (81) ELT 3 SC - Recent developments.

Certain common disputes… Credit for mobile phone. India Rayon Industries Ltd. Vs CCE 2006 (4) STR 79. Credit for outdoor catering. Victor Gaskets India Ltd Vs CCE 2008 – TIOL – 409.

Certain common disputes… Credit for outward transportation. - Gujarat Ambuja Cements Ltd. Vs CCE. 2007 (6) STR 249. - India Cements Limited Vs CCE 2007 (8) STR 43. - Master Circular and recent amendments.

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