Transfer of Cenvat Credit

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..... Transfer of Cenvat Credit
Query (Issue) Started By: - Vardharajan Aiyangar Dated:- 13-1-2017 Last Reply Date:- 14-1-2017 Central Excise
Got 2 Replies
Central Excise
Dear Sirs, Our client has two factories manufacturing alloy steel castings. Unit -1 is in Maharashtra and Unit-2 is in Karnataka. Unit-1 is now closed and some of the capital goods and stocks were transferred to the Unit .....

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..... -2, in mid 2016. Unit-1 is having substantial cenvat credit as on today, Jan 2017. Can such credits be transferred to Unit-2 and utilised for clearances from Unit-2?? Rule 10 states that transfer is possible. Would like to know what is the procedure?? The company has a turnover of 60cr out of which 50% is for exports. Request the honourable members to shed some light on this issue. Thanks .....

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..... and Regards, Vardharajan AV Reply By Ganeshan Kalyani: The Reply: To begin the discussion i would like you to refer Issue Id: - 3209 Dated: 22-7-2011. Reply By KASTURI SETHI: The Reply: Rightly advised by Sh.Ganeshan Kalyani, an expert. You can get refund also. There are so many case laws. Two case laws are appended below:- 2016 (6) TMI 314 - CESTAT CHENNAI Leo Oils & Lubricants Versus Com .....

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..... missioner of Central Excise, Chennai 2016 (8) TMI 293 - CESTAT BANGALORE M/s. Bangalore Cables P. Limited Versus Commissioner of Central Excise Refund of unutilized CENVAT Credit on closure of factory is admissible - As LB decision relied on by Revenue did not consider High Court order allowing refund, same cannot be followed: CESTAT
Discussion Forum - Knowledge Sharing .....

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