New CENVAT Rules
The erstwhile MODVAT credit scheme has been replaced by new CENVAT credit scheme, with effect from 1-4-2000. Accordingly, the old MODVAT Rules 57A to 57VV...
Elements of Direct and Indirect Taxes
-
-
CENVAT credit
CENVAT credit- 1. (a) A manufacturer or producer of final products shall be allowed to take credit of: i. the duty of excise specified in...
-
CENVAT Obligation of manufacturer of dutiable and exempted goods
CENVAT Obligation of manufacturer of dutiable and exempted goods- 1) CENVAT credit shall not be allowed on such quantity of inputs which is used...
-
CENVAT Documents and accounts
CENVAT Documents and accounts- 1) The CENVAT credit shall be taken by the manufacturer on the basis of any of the following documents, namely:-...
-
Transfer of CENVAT credit
Transfer of CENVAT credit- 1) If a manufacturer of the final products shifts his factory to another site or the factory is transferred on...
-
Transitional provision of CENVAT credit
Transitional provision of CENVAT credit- 1) Any amount of credit earned by a manufacturer under rules 57A, 57B or 57Q as they existed prior...
-
Recovery of CENVAT credit wrongly taken
Recovery of CENVAT credit wrongly taken- 1) Where the CENVAT credit has been taken or utilized wrongly, the same along with interest shall be...
-
CENVAT Credit of special excise duty
Credit of special excise duty- A manufacturer of final products shall be allowed to take credit of the duty of excise specified in the...
-
Conditions for allowing CENVAT credit
Conditions for allowing CENVAT credit- 1) The CENVAT credit in respect of inputs may be taken immediately on receipt of the inputs in the...
-
Cenvat versus Modvat
Major differences between Cenvat and Modvat are as follows: The most welcome change is the scrapping of Modvat declaration. It was creating procedural hurdles...
