FMS Scheme

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..... Dear Experts, As per the notification no. 30/2012-Central Excise Tarif f, we understand that we can procure the excisable goods from the domestic market without payment of Excise duty by using the Focus Market scheme duty credit scrip but, there is a confusion about the utilization of the said FMS for the Excise duty payment on finish goods. In other words, can we adjust our Excise duty liab .....

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..... ility on final product against the said FMS rather tan paying the said excise duty by cash or by cenvat credit if the case is like this then what would be the mechanism to utilize the FMS as there is no change in the form ER-1 yet to taking the effect of this notification?. pls. provide your experts advise in this. Regards Sanjay Sharma - Reply By Sanjay Sharma - The Reply = If any one c .....

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..... an enlighten us in this matter pls. Regards Sanjay Sharma - Reply By Alok Kumar - The Reply = Dear Mr. Sanjay Sharma, In terms of para"J" of the above quoted central excise notification you will be entiltled to the cenvat credit of the central excise duty element debited in the scrip. Once the duty of central excise is debited on the reverse of the scrip you can claim the same in your re .....

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..... cords. In the similar way the credit will be taken in your ER-1 / ER- 3 RETURN respectively too . when the goods are sourced from manufatcturers then you can show it as goods received from manufcaturers or CENVAT claimed agst. manufacturers . thanks, warm regards, alok kumar - Reply By Alok Kumar - The Reply = Dear Mr. sanjay, Once you justify the said sourced goods to be your input .....

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..... s / capital goods you can ser off the said cenvat credit agst your central excise duty liablity of your final excisable goods. thanks, Alok Kumar - FMS Scheme - Query Started By: - Sanjay Sharma Dated:- 28-7-2012 Central Excise - Got 3 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - t .....

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..... axmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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