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What is difference between modvat and cenvat?
i tjink there no deference between modvat and cenvat. cenvate is the latest name of modvate
What is RG23A?
RG23A is a register which in turn mainatin for CENVAT or INPUT credit taken. The form RG23A is Actually RG23A- Part-I and Part-II and it was required to be maintained by the Central Excise Duty payers. All raw material received is credited RG23a Part-I and issue for production is debited, this is stock register of excisable raw material. RG23A Part-II is the register for Cenvat Credit. Cenvat credit on all raw material is taken in part - II and duty from cenvat credit account is debited. RG23C Part-I is register of capital goods and RG23C Part-II is register of cenvat credit on capital goods.
Can you avail Cenvat Credit on Original Copy of Invoice?
In normal course we avail the cenvat on duplicate for transporter copy of invoice and the same is lost by the transporter in transit. In that case we can avail the cenvat on original invoice. As such there is no procedures is prescribed for this but to prove our bonafide we have do the following. 1) Take the affidavit from the transporter / driver of vehicle that duplicate for transporter copy of invoice has been lost in transit and; 2) FIR copy lodged by the driver or transporter in the nearby police station, where the invoice has been lost. We have to keep the above two documents in our record along with original invoice. This is require since during the audit department may raise the question for chances of double Cenvat credit on both copes but if the affidavit and FIR copies are attached to original copy its satisfies the audit party and also further litigation of doubt of double Cenvat credit may not be arise.
CENVAT credit utilization scheme?
If any manufacturer purchased a material, which is duty paid, and if it is used for his further manufacturing activity, he can avail this as credit in his book based on the Central Excise Invoice.� At the time of selling his manufactured goods, he is liable to pay the excise duty.� He can adjust the credit which he has taken into his book and pay the rest. For example, CENVAT availed at the time purchased various goods is 20,000. CENVAT payable for his product at the time sales�25,000. In complete he will pay only 5000 through cash deposit in PLA.
What is cenvat credit?
CENVAT (Central Value Added Tax) credit is a system in India that allows manufacturers and service providers to claim credit for the taxes paid on inputs or input services used in the production of goods or provision of services. This credit can be utilized to offset the excise duty or service tax payable on the final products or services. The objective of CENVAT is to avoid the cascading effect of taxes, thereby reducing the overall tax burden on businesses. This system has been largely integrated into the Goods and Services Tax (GST) framework since its implementation in 2017.
Format of cenvat credit register?
It contains information viable for credit collection. This information, enables all service providers to collect credit on any tax payable to the service offered.
Can you take Cenvat Credit of Service Tax paid on Outward Freight?
Yes, we can take Cenvat Credit of Service Tax paid on Outward Freight satisfying following 3 conditions. (i) the ownership of goods and the property in the goods remained with the seller of the goods till the delivery of the goods in acceptable condition to the purchaser at his door step; (ii) the seller bore the risk of loss of or damage to the goods during transit to the destination; (iii) the freight charges were an integral part of the price of goods.
Can cenvat credit be availed when duplicate for transporter copy of invoice or bill is lost in transit?
ALSO SEE 2.10 Documents chapter 5 of CBEC MANUAL. Where in it is clearly mentioned that CENVAT CREDIT CAN BE TAKEN ON INVOICE ISSUED BY A MANUFACTURER FROM HIS FACTORY…."NO WHERE IT IS MENTIONED THAT CREDIT CAN BE TAKEN ONLY ON DUPLICATE COPY OF TRANSPORTER"CBEC'S CENTRAL EXCISE MANUALChapter-4INVOICE SYSTEM4. Number of Invoice copies4.1 The invoice shall be prepared in triplicate in the following manner, namely:-i. the original copy being marked as ORIGINAL FOR BUYER;ii. the duplicate copy being marked as DUPLICATE FOR TRANSPORTER;iii. the triplicate copy being marked as TRIPLICATE FOR ASSESSEE.4.2 The above requirement is mainly for Central Excise purposes. However, the assessee may make more than three copies for his other requirements. But such copies shall be prominently marked "NOT FOR CENVAT PURPOSES'.Misc.clarificationThere is also a recent judgment of High Court UOI v. Kataria Wires Ltd. [2009] 241 ELT 31 (MP) which supports this view.Renjith M.G.renji2007@gmail.com
What is the meaning of works contract?
A contract for carrying out any work which includes assembling, construction, building, altering, manufacturing, processing, fabricating, erection, installation, fitting out, improvement, repair or commissioning of any movable or immovable property. Where the works contract is in the nature of a taxable SERVICE, service tax will be liable on the value of such contract. Where goods are transferred and form integral part of the execution of such contract, VAT would be liable on such value of contract. However composite scheme is available for payment of taxes on works contract since they contain elements of both service tax and VAT. Composite tax of 4% can be paid to do away with the ST and VAT liabilities where no CENVAT credit will be allowed to be claimed.
What is difference between DEPB and Advance license?
DEPB (Duty Entitlement Pass Book) and Advance License are both export promotion schemes in India. DEPB allows exporters to claim a refund of customs duty paid on imported inputs used in the export product, while Advance License allows duty-free import of inputs for the export product. The key difference lies in the timing of duty exemption: DEPB provides a post-export benefit, while Advance License provides a pre-export benefit. Additionally, DEPB is being phased out and replaced by the Duty Drawback Scheme, while Advance License continues to be a viable option for exporters.
What is an excise duty?
All goods that are produced or manufactured in India shall be charged a duty of excise called Cenvat at the rates specified in the Central Excise Tariff.Every person who manufactures, produces, carries on trade, holds warehouses for excisable goods shall have to obtain registration under the excise laws.No excisable goods may be removed from the factory or a warehouse except under an invoice signed by the owner of the factory or his authorised agent.Every assessee has to submit to the superintendent of Central Excise a monthly return in the specified form. For specified situations such as manufacture of goods exempt under a notification, a prescribed declaration and/ or a financial statement needs to be filed.Credit of service tax paid on input services, by a manufacturer of goods, is now available, in addition to the credit that was available in respect of inputs/ capital goods.For More Details Visit : http://inodetechnologies.blogspot.com/
When Excise duty should be paid and how to claim excise duty?
All goods that are produced or manufactured in India shall be charged a duty of excise called Cenvat at the rates specified in the Central Excise Tariff.Every person who manufactures, produces, carries on trade, holds warehouses for excisable goods shall have to obtain registration under the excise laws.No excisable goods may be removed from the factory or a warehouse except under an invoice signed by the owner of the factory or his authorised agent.Every assessee has to submit to the superintendent of Central Excise a monthly return in the specified form. For specified situations such as manufacture of goods exempt under a notification, a prescribed declaration and/ or a financial statement needs to be filed.Credit of service tax paid on input services, by a manufacturer of goods, is now available, in addition to the credit that was available in respect of inputs/ capital goods.For More Details Visit : http://inodetechnologies.blogspot.com/
