CENVAT Credit Rules

With the introduction of Cenvat Credit Rules in 2004 (“the Credit Rules”), cross credit between Service tax and Excise duty was allowed for the first time. While the intention of introducing these Rules was to prevent the cascading effect of taxes, Full Article

It may kindly be recalled that as part of the proposals contained in the Budget for 2010-11, Finance Minister had announced the imposition of Clean Energy Cess as a duty of excise on coal, lignite and peat. This cess is to come into force on a date to be notified by the Central Government after the enactment of the Finance Bill, 2010. Full Article

Appellant is engaged in the manufacture of pharmaceutical products and bulk drugs falling under Chapter 29 of Central Excise Tariff Act. It avails credit on inputs, packing materials, etc. The unit was converted into 100% EOU and its entire stock of inputs was transferred to EOU without reversing the credit availed thereon. Full Article

The respondent is a 100% Export Oriented Unit (‘EOU’ for short) engaged in the manufacture of parts of agricultural and farm equipment which are chargeable to ‘Nil’ rate of duty under Central Excise Tariff Act, 1985 (Tariff Act). The respondent filed three refund claims with the Assistant Commissioner of Customs, Bengaluru under Rule 5 of the Cenvat Credit Rules, 2004, being the unutilised credit availed by the respondent in respect of certain inputs used in the .. Full Article

When the goods are retuned in the factory in different situations, the assessee is faced with the problem as how to take credit on the returned goods. The problem has been compounded by various trade notices saying different things. Some of the trade notices have prescribed new conditions amounting to the legislation of rules. This paper is an attempt to simplify the issue as per the position of law. Full Article