CENVAT Credit on stock

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..... CENVAT Credit on stock
Query (Issue) Started By: - Vishnu Dutt Gupta Dated:- 18-5-2017 Last Reply Date:- 23-5-2017 Central Excise
Got 5 Replies
Central Excise
Dear Sir, If any unregistered dealer ( trader) want to take excise registration as on today ( Current scenario). Is he eligible to take the CENVAT credit on stock lying with him. Rgds MJ Reply By Rajagopalan Ranganathan: Th .....

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..... e Reply: Sir, The answer is yes provided the unregistered dealer has documentary evidence to prove the duty paid nature of the stocks held at the time of registration. Reply By Himansu Sha: The Reply: Yes, if only the invoices are available and the goods are received from manufaturert/importer/first stage dealer Reply By KASTURI SETHI: The Reply: Dear Querist, If you get yourself registered .....

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..... today i.e.19.5.2017 and you take credit on the invoices issued on 18.5.17 or before that, you are not eligible to take and pass on the credit against those invoices. It is not litigation-free. You are a dealer and not a manufacturer. This practice is allowed in respect of manufacturer. Before 19.5.2017, you were unregistered dealer. RG23 D is still a statutory registered and you can cannot make e .....

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..... ntry of those invoices pertaining to the period before registration. Can you make entry in RG 23 register in respect of those invoices which were issued before 6 0r 4 months age ? Whether it is 1 day or before rule is same ? Such like one time credit was allowed in the year 1994/1995 by the Board, that too, in view of so many case laws in favour of assessees. If someone has escaped the eyes of a .....

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..... uditors on such issue, that does not mean it is always right. Reply By MUKUND THAKKAR: The Reply: prefect sirji.. I am 101% agree with your view.. Reply By KASTURI SETHI: The Reply: Sh.Mukund Thakkar Ji, Sir, After a gap of three days, you have responded with your observations and compliments as "101 % agree" and "perfect", it means you have read between the lines. You h .....

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..... ave studied the issue and reply in depth. Thanks a lot.
Discussion Forum - Knowledge Sharing .....

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