Seperate account of cenvatable consumables are required under CER 6(3). - Reg.

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..... Dear Sir/s, We are leading manufacture of industrial products and we have registered in CER . Very recently AGs audit conducted in our unit and objected that there is no separate cenvat account for dutiable and exempted goods on LPG Furnaceoil cenvat credit. Expect LPG Furnaceoil a ll other inputs we have maintained separate account as per Rule 6 of CER. In our account books also .....

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..... we have booked these above two items are under consumables catogery. Now CE range office issued letter regarding to reverse the cenvat credit proporniately on the above two inputs (LPG Furnacoil) . Please let us know what is the legal position and can we reverse the differential credit as per RO letter. Regards, R Nageswar Rao, 8801111356 - Reply By Rajesh Nathoo - The Reply = D .....

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..... ear Mr. Rao, There is no differentation of Consumables and Inputs for the purpose of Cenvat Credit . Since LPG and Furnance oil are used in the manufacture of both dutiable and exempted products , you are liable to reverse the credit . It is a very clearcut point . Reverse the credit as soon as possible . Amount to be reversed = Cenvat credit taken on LPG and Furnace Oil x Tunover of dut .....

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..... iable goods / ( Turnover of dutiable goods + Turnover of Exempted Goods ) - Seperate account of cenvatable consumables are required under CER 6(3). - Reg. - Query Started By: - Rajavarapu Nageswar Rao Dated:- 2-1-2014 Central Excise - Got 1 Reply - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxma .....

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..... nagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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