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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 ..... Cenvat cedit reversal under rule 6 of CCR 2004/trading reversal X X X X Extracts X X X X X X X X Extracts X X X X ..... e X X X X Extracts X X X X X X X X Extracts X X X X ..... s amount before 5th 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 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... on Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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