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TMI BlogReversal of Cenvat creditX X X X Extracts X X X X X X X X Extracts X X X X ..... Reversal of Cenvat credit X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing are my queries. 1. Is it required to reversed Cenvat credit under Rule 6. 2. If yes how to intimate Central excise Deptt when we have already filled excise return. Since goods has been cleared in various months. Thanks in advance. Pushkar Gupta Reply By Ganeshan Kalyani: The Reply: Sir if the final product is exempt then the reversal of input tax credit taken is warranted. Now the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovision of revised return in excise is also introduced. Than. Reply By KASTURI SETHI: The Reply: Agreed with Sh.Ganeshan Kalyani, Sir. If you have committed this lapse in so many returns, you can reverse credit along with interest. Interest has to be paid in cash. If you find some problem in filing revised return, you may show the amount reversed in ER-1 return for April, 16. Show interest paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the column for arrears. Reply By Pushkar Gupta: The Reply: Dear Sir When Goods has been sold under notification 12/2012 under Sl 339 without excise duty to Ultra Mega Power under Project Authority Certificate- PAC certifies by Ministry of Power. Is it is required to reverse cenvat credit 5% in case supply of goods to Ultra Mega Power Project. Please suggest on above situation. Thanks Pus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hkar Gupta Reply By KASTURI SETHI: The Reply: Dear Sh.Gupta Ji, You are to examine whether you fulfil the conditions laid down under Notification No.12/12-CE as amended. Whether your product is covered under this notification or not ? There must be terms and conditions in the agreement with your buyer. If your goods are covered under this notification and you fulfil all the conditions, then no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reversal is required. There should be no intermediary. Supply should be direct for the mega project. Without going through terms and conditions, concrete reply is not possible. During my service I have seen lapses in such situations which resulted into reversal along with interest and penalty. No doubt supplied made under this notification does not require reversal under Rule 6(3) of the Credit Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les. So go word for word of notification vis-a-vis agreement.. X X X X Extracts X X X X X X X X Extracts X X X X
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