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CENVAT CREDIT

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.

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CENVAT CREDIT

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  1. CENVAT CREDIT

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

  3. Applicability • Manufacturers. • Service providers.

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

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

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

  7. 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”.

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

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

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

  11. 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.

  12. 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.

  13. THANKS

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