Balance in RG 23A Part II
This query is : Resolved
09 March 2009
we are a manufacturing concern & we have huge balance in Excise Account ( RG 23A Part 2) & Incresing on year on year.
Is any provision in excise low to have a refund of the said balance (in full or Partial).
Requested to give me section with procedural aspect.
Is any provision in excise low to have a refund of the said balance (in full or Partial).
Requested to give me section with procedural aspect.
09 March 2009
Provision of refund can only be applied if you are exporting goods, under Rule 5 of the Cenvat credit rules. At the time of export, you can pay duty and can claim rebate of duty paid on the export goods.
If however, you are not doing any export, there is no straight way of refund. You can try to find some way, in your commercial dealing, to utilise cenvat as much as possible.
If the reason for cenvat accumulation is known, i will be able to suggest some way, if legally possible.
If however, you are not doing any export, there is no straight way of refund. You can try to find some way, in your commercial dealing, to utilise cenvat as much as possible.
If the reason for cenvat accumulation is known, i will be able to suggest some way, if legally possible.
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10 March 2009
thank Mr. Rajesh
Following are the main reason for such huge accumulation of Credit.
- heavy capitalisation in which most of machineries are imported having SAD of 4%
- Raw Material is also 100% imported with SAD 4%
Following are the main reason for such huge accumulation of Credit.
- heavy capitalisation in which most of machineries are imported having SAD of 4%
- Raw Material is also 100% imported with SAD 4%
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