Huge cenvet credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2012 Dear Sir,
Ours is pharmaceutical manufacturing unit registered under central excise. We purchase goods, which attract 12.36% excise. We manufacture ayurvedic products on which we have to pay 6.18% excise. moreover, our products are selling through advertisement so we do take credit of service tax also.

We have a huge credit balance of cenvet amounting more than one crore. Can we get refund of this amount in cash or any other way?

Arun Kumar Singh

Arun Kumar Singh (Expert)
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23 July 2012 You can utilize the cenvat credit any time but refund claim under section 11B has to be filed within one year from the relevant date. now you can utilize this cenvat credit in DTA sale and you can file every year refund of this accumulated cenvat credit.