We are a manufacturer and we are purchasing sewing machines from another manufacturer on which Excise duty is charged by the manufacturer @ 1%...............
Can we take the CENVAT Credit of the Excise duty charged by him??????????????
1 Replies
Amrut
(Student)
(95 Points)
Replied 06 June 2012
No credit of excise duty will not be available.
An excise duty of 1% without Cenvat credit facility is being imposed on about 130 specified Items, which were hitherto either fully exempt from excise duty or chargeable to nil rate ofexcise duty.
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