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TMI BlogCenvat cedit reversal under rule 6 of CCR 2004/trading reversalX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear all We are manufacture and also doing trading activity from same premise, below are my queries related to reversal of cenvat credit under rule 6 of CCR, 2004, . Is we need to reverse this amount before 5 th of succeeding sale, If we opt for option to pay @ 6% (rule (ii) 6) i.e. sale price -Cost of goods sold or 10% of cost of goods sold whichever is higher. Is this rules applies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In case of goods cleared as such (sale) If yes then in case of inter unit transfer (not sale) of raw material what will be situation? What will be interest rate if we not pay this amount in due date (rate mentioned in rule 6 is 24% If we reverse the proportionate cenvat credit as per below eg. Is it correct? Total sale = 10,00,000/- (Normal sale + trading sale) Trading sale 1,50,000/- T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal input credit 75000/- Reversal amount will be 150000/1000000X75000 = 11250/- Please guide - Reply By Pradeep Khatri - The Reply = Trading is exempted activity. In the event of availment of cenvat credit on such activities, there will be a requirement to reverse the proportionate CENVAT credit or payment of an amount. Non payment will attract statutory interest and penal actions. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Cenvat cedit reversal under rule 6 of CCR 2004/trading reversal - Query Started By: - Yatin Bhopi Dated:- 18-2-2013 Central Excise - Got 1 Reply - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - 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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