Cenvat credit utilization

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2014 To Any one pls answer,

We are the large importer of Aluminium scrap we paid 12% Basic duty & 4% additional duty on imported material. & Manufacture Aluminium ingot which sale in Indian market at very low price because of international market competition. due to this we are unable to utilized full duty credit to payment of duty which resulted accumulation of cenvat credit in large volume. is there any way to utilized or refund this duty?

PAWAN KUMAR

PAWAN KUMAR (Expert)
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29 July 2014 Dear Sir,
As such there is no provisions under cenvat credit rules for refund of accumulated cenvat credit, however if you are exporting your goods under bond, refund can be claimed as per rule 5 of cenvat creit rules. Another option is also there, you may export your goods on payment of duty by utilizing cenvat credit and later on file rebate claim in department.