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TMI BlogAvailment of Cenvat creditX X X X Extracts X X X X X X X X Extracts X X X X ..... X company received inputs from Y company[100%EOU]and took cenvat credit of CVD [BED-14%]and Education Cess and SHE Cess. But some of the manufacturers say that X company can avail Cenvat credit as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the formula mentioned in Rule 3(7) of the Cenvat Credit Rules i.e X multiplied by [(1+BCD/400) Multiplied by (CVD/100)] and no credit on Education cess or SHE cess is allowed as Cenvat credit ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enthough the 100% EOU has paid the same. I request the members of the forum to give their opinion on this matter. - Reply By Surender Gupta - The Reply = The formula given in the rule 3(7) is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... line with exemption notifications and applicable to basic excise duty only. Therefore despite the fact that there is no reference to education cess in the rule 3(7) , X can avail the credit of educat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion cess paid by Y (an EOU), and moreover, without applying any formula. - Reply By R.S. Mangal - The Reply = the credit is to be taken as per the formula mentioned in Rule 3(7) of the Cenvat Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit Rules . however there are tribunal decisions holding that credit of EC and HEC can be taken in full. - Availment of Cenvat credit - Query Started By: - mrk fast Dated:- 14-7-2008 Central Excise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Got 2 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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