CHAPTER-HEADS. Contents I-7 Rule-wise Index I-25

Size: px
Start display at page:

Download "CHAPTER-HEADS. Contents I-7 Rule-wise Index I-25"

Transcription

1 CHAPTER-HEADS Contents I-7 Rule-wise Index I-25 CHAPTER 1 : CENVAT CREDIT SCHEME 1 CHAPTER 2 : RULE 2 : DEFINITIONS 12 CHAPTER 3 : RULE 2 : CAPITAL GOODS 28 CHAPTER 4 : RULE 2 : INPUTS 62 CHAPTER 5 : RULE 2 : INPUT SERVICE 84 CHAPTER 6 : RULE 3 : CENVAT CREDIT 121 CHAPTER 7 : RULE 4 : CONDITIONS FOR ALLOWING CENVAT CREDIT 192 CHAPTER 8 : RULES 5, 5A AND 5B : REFUND OF CENVAT CREDIT 228 CHAPTER 9 : RULE 6 : OBLIGATION OF A MANUFACTURER OR PRODUCER FINAL PRODUCTS AND A PROVIDER OF TAXABLE SERVICE 259 CHAPTER 10 : RULES 7 & 7A : DISTRIBUTION OF CREDIT BY INPUT SERVICE DISTRIBUTOR 342 CHAPTER 11 : RULE 8 : STORAGE OF INPUT OUTSIDE THE FAC- TORY OF THE MANUFACTURER 353 CHAPTER 12 : RULE 9 : DOCUMENTS, ACCOUNTS AND RETURNS 358 CHAPTER 13 : RULE 9 : INVOICES OF DEALERS 405 CHAPTER 14 : RULE 9A : INFORMATION RELATING TO PRINCIPAL INPUTS 421 CHAPTER 15 : RULES 10 & 10A : TRANSFER OF CENVAT CREDIT 431 CHAPTER 16 : RULE 11 : TRANSITIONAL PROVISION 439 CHAPTER 17 : RULE 12 : SPECIAL PROVISIONS FOR NORTH-EAST REGION, KUTCH DISTRICT OF GUJARAT, STATE OF JAMMU AND KASHMIR AND STATE OF SIKKIM 443 CHAPTER 18 : RULE 12A : PROCEDURE AND FACILITIES FOR LARGE TAXPAYER 446 CHAPTER 19 : RULE 12AAA : POWER TO IMPOSE RESTRICTIONS IN CERTAIN TYPES OF CASES 472 CHAPTER 20 : RULE 13 : DEEMED CREDIT 487 CHAPTER 21 : RULE 14 : RECOVERY OF CENVAT CREDIT WRONGLY TAKEN OR ERRONEOUSLY REFUNDED 489 CHAPTER 22 : RULES 15 AND 15A : CONFISCATION AND PENALTY/ GENERAL PENALTY 498 CHAPTER 23 : RULE 16 : SUPPLEMENTARY PROVISION 507 CHAPTER 24 : JOB WORK 509 CHAPTER 25 : ACCOUNTING, INVENTORY VALUATION AND CENVAT 548 APPENDIX Cenvat Credit Rules, PAGE

2 Validation provisions pertaining to Cenvat Credit Rules 608 Central Excise Rules, SUBJECT INDEX 665 LIST OF CIRCULARS/TRADE NOTICES 675 LIST OF BASE NOTIFICATIONS 677 CONTENTS Chapter-heads I-5 Rule-wise Index I-25 PAGE 1 CENVAT CREDIT SCHEME 1.1 Background of VAT Reply to queries Basic Concept of VAT Tax credit system to remove cascading effect VAT is consumption based tax Advantages of VAT Disadvantages of VAT Cenvat Scheme, Highlights of Cenvat Scheme 7 2 RULE 2 : DEFINITIONS Text of rule Classification of the definitions Customs Tariff Act Excise Act Excise Tariff Act Finance Act Manufacturer or producer Notification Residual clause Exempted goods Final products Excisable goods Element of manufacture must be present Manufacture as defined by Court - New substance having distinct name, character or use must emerge Output Service Person liable for paying service tax 26

3 2.13 Provider of taxable service 27 3 RULE 2 : CAPITAL GOODS 3.1 Cenvat credit of duty paid on Capital goods Highlights of definition of capital goods Eligibility of capital goods Eligibility of certain motor vehicles and its components, spares and accessories as capital goods Capital goods used exclusively for exempted final products and output services not eligible Capital goods does not cover equipment or appliance used in office for manufacturer Goods imported under project imports General provisions in respect of capital goods Ownership of capital goods is not essential to avail Cenvat on capital goods Use of capital goods by manufacturer Capital goods extended from factory are eligible Reversal of Cenvat credit in respect of obsolete capital goods written off without use Capital goods manufactured within the factory Capital goods used by Service provider Conditions for availing Credit on Capital Goods Cenvat credit on capital goods has to be availed in two stages, except by SSI Capital goods used in EPC project 55 Annex 3.1 Cenvat Credit on Capital Goods used in manufacture of exempt intermediate goods 57 Annex 3.2 Items used in Ceramic Tiles Industry 58 Annex 3.3 Exemption to goods captively consumed within factory 59 Annex 3.4 Availability of Cenvat credit on inputs used in the manufac- ture of capital goods 61 4 RULE 2 : INPUTS 4.1 Input goods eligible for Cenvat credit Inputs for construction excluded under exclusion clause (B) except when used for works contract or construction service Condition of use of input in factory for manufacturer but not applicable to service providers Capital goods are not inputs but parts and components can be inputs Capital goods not defined as capital goods will be eligible as inputs 65

4 4.1-5 Motor vehicle is not input but capital goods in case of some services Goods for personal consumption of employees not eligible Goods used for captive generation of electricity or steam eligible but not HSD, LDO, Petrol Goods having no relationship with manufacture of final product not eligible Inputs directly sent to site and fitted there are eligible as input Input goods in respect of service providers Other provisions relating to input Partial or full write off of inputs Storage of inputs outside the factory Input Credit Distributor Clearance of packing material in which inputs were packed Clearance of waste by service provider Case law under earlier definition which is still relevant Process losses and handling loss are allowable No credit on short received inputs Statutory definition of input upto Annex 4.1 Admissibility of CENVAT credit on inputs and capital goods used by the manufacturer outside the factory premises 76 Annex 4.2 Clarification on issues relating to definition of input as substituted with effect from Annex 4.3 Reversal of credit when value of work-in-progress or finished goods is written off 81 Annex 4.4 Payment of duty on waste package/containers used for packing modvatable inputs when cleared from the factory of the manufacturer availing Modvat/Cenvat credit 82 Annex 4.5 Tolerance limit of breakage of bottles due to handling during storage and clearance 83 5 RULE 2 : INPUT SERVICE 5.1 Input Services eligible for Cenvat credit Analysis of the definition Meaning of includes Meaning of in relation to Services covered in inclusive part of the definition Cenvat credit of service tax paid on imported services Place of removal Place where ownership gets transferred to buyer is place of removal, when there is direct sale from factory Services specifically excluded from definition of input service Construction related Services specifically excluded under clause (A) 93

5 5.3-2 Renting of Motor Vehicle Services specifically excluded under clause (B) Motor vehicle insurance and repair related Services specifically excluded under clause (BA) Services for personal use or consumption of employees specifically excluded under clause (C) What is wasteful expenditure as per the revised definition of input service Services provided before but invoice raised on or after Case law relating to specific services Eligibility of various services as input services Cenvat Credit of input service on receipt of invoice of service provider Deduction of some amount from invoice of service provider Provisions as applicable upto Definition of input service upto Annex 5.1 Service tax credit on transportation of goods from factory to depot 111 Annex 5.2 Certain issues relating to Transport of goods by Road Service 113 Annex 5.3 Service tax credit on imported services 114 Annex 5.4 Clarification regarding availment of credit on input services 117 Annex 5.5 Annex 5.6 Classification of structural components of boiler and admissibility of Cenvat credit on these structural components-i 119 Classification of structural components of boiler and admissibility of Cenvat credit on these structural components-ii RULE 3 : CENVAT CREDIT Text of rule Eligibility of Cenvat Credit Meaning of Cenvat Credit Other duties specified but not relevant Some issues relating to eligibility of Cenvat credit Cenvat Credit when product ceases to be exempted goods or service seizes to be exempted service Opting for Cenvat by SSI Simultaneous availment of Cenvat and SSI exemption permissible when SSI manufacturing with other s brand name but not in other cases Utilisation of credit Utilisation of Cenvat credit Time limit for taking Credit Carry forward of Unutilised Cenvat credit Full credit available in case of goods obtained from North Eastern States, J&K, Sikkim and Kutch district 145

6 6.3-5 Cenvat credit only of inputs received upto end of month, even if duty/tax is to be paid by 5th/6th of following month Inter-changeability of Cenvat credit Cenvat credit by exempted units from North Eastern States, J&K, Sikkim and Kutch district Cenvat Credit cannot be utilised for payment of service tax when tax is payable under reverse charge method Removal of inputs and capital goods on which Cenvat was taken Removal of inputs after processing Mode of payment of amount Inputs/capital goods can be exported without payment of amount Inputs can be cleared for export on payment of duty and rebate claimed If inputs were obtained without payment of duty, final product cannot be exported on payment of duty and rebate claimed Recovery if the amount not paid Removal of capital goods after use Provision as existing during to Restrictions on Cenvat credit in certain cases Restrictions on utilisation of credit of some duties Cenvat Credit in respect of goods procured from EOU Cenvat of CVD and special CVD if duty paid through Duty Credit Scrip, DEPB Other Issues relating to availment of Cenvat Credit One to one correlation not necessary in Cenvat Classification/Duty liability cannot be altered or challenged at the end of user of inputs Full credit of duty paid by supplier is available, even if less duty was payable or not payable Full Cenvat credit of duty paid available even if seller gave trade discount or price reduction later Buyer can avail Cenvat credit, if supplier paid duty higher than what was payable or when not payable Registration and eligibility of Cenvat credit are Cenvat provisions and valuation provisions are independent issues Transfer of credit of SAD from one factory to other 173 independent Accounting entries not relevant for eligibility of Cenvat credit Reversal of Cenvat Credit Reversal if final product subsequently exempt No reversal of Cenvat credit in certain cases No reversal if supplier gives reduction in price after clearance No Cenvat reversal if duty paid on final product, even if it was not payable 177

7 6.10 Cenvat available as input but availed as capital goods and vice versa Cenvat credit if demand made on final products for past period 182 Annex 6.1 Availing of Cenvat credit of Additional Customs Duty (CVD) paid through Duty Free Credit Entitlement (DFCE)/Target Plus Scheme (TPS) Certificates 184 Annex 6.2 Rule 3 of the Cenvat Credit Rules, Cenvat credit - Irregular availment of Cenvat credit on certain activities not amounting to manufacture 186 Annex 6.3 Allowability on credit on duty paid on exempted goods 187 Annex 6.4 Non-reversal of credit in case of wire drawing 188 Annex 6.5 Reversal of credit when supplier allows discount or reduces the price 189 Annex 6.6 Utilisation of Cenvat credit in respect of inputs on which credit is availed but the inputs are exported as such under bond 190 Annex 6.7 Payment of arrears from Cenvat credit earned at a later date RULE 4 : CONDITIONS FOR ALLOWING CENVAT CREDIT Text of rule Time limit for taking Credit of duty paid on inputs Availment of Cenvat credit on capital goods Cenvat credit of capital goods obtained on lease, hire purchase or loan Depreciation cannot be claimed on duty portion of value of capital goods Removal of inputs and capital goods for job work/repairs/testing Provisions for sending inputs/capital goods for job work/testing/repairs Procedure for sending goods for Job work under Cenvat Direct despatch of inputs to job worker Scrap/waste generated at end of job worker Amount payable if goods not returned within 180 days Provisions applicable to job worker Direct despatch of final product from place of job worker Job worker can use his own inputs, avail Cenvat of inputs used by him and utilise it elsewhere Job worker can pay duty on value of goods supplied by him Capital goods can be sent to job worker Waste can be sent out for melting/charging and return Removal of rejected inputs for rework and return Consumables and fuel can be sent for job work 210

8 Job worker can pay duty even if material sent under Cenvat Removal of inputs other than those covered under Cenvat Cenvat credit of input service on receipt of invoice 213 Annex 7.1 Clearance of goods from premises of job worker 215 Annex 7.2 Procedure for movement of goods for job work RULES 5, 5A AND 5B : REFUND OF CENVAT CREDIT Text of rules 5, 5A and 5B Refund of Cenvat Credit Is refund claim mandatory or assessee can utilise excess Cenvat Credit for payment of excise duty on DTA sales/service tax on services provided within India? Provisions as applicable upto Exports by units in North-East Region and Sikkim Refund of Cenvat Credit other than in case of exports 245 Annex 8.1 Procedure for claiming refund on exports 247 Annex 8.2 Cash refund of unutilised credit to exporters who had availed drawback on customs portion of duties 252 Annex 8.3 Procedure for claiming refund of Cenvat credit by units in specified areas 254 Annex 8.4 Clarification regarding problems faced by exporters in availing refund of excess credit RULE 6 : OBLIGATION OF A MANUFACTURER OR PRODUCER OF FINAL PRODUCTS AND A PROVIDER OF TAXABLE SERVICE Text of rule No Cenvat credit if final product/service exempt Partial manufacture/provision of exempted products/ services Overriding provisions in respect of Banking, FI and NBFC Options available during to Provisions in respect of various options Maintain separate inventory and accounts of input goods and input services Maintain separate inventory and accounts of input goods but common records of input services Pay prescribed amount on value of exempted goods or value of exempted services if separate inventory and records not maintained 278

9 9.2-4 Pay proportionate amount attributable to Cenvat credit utilised for exempted final product/exempted output services Option is to person availing Cenvat credit Rule 6(2) and 6(3) should be taken as complimentary and not mutually exclusive Exempted goods Goods manufactured under Cenvat provisions or Notification No. 214/86-CE are not exempted goods Exported goods are not exempted goods for rule Clearance of waste and scrap Goods cleared without payment of duty under exemption are exempted goods? Exempted goods cannot be cleared under bond and Cenvat credit cannot be availed Supplies to EOU, SEZ, International Competitive Bidding, UN Agencies are not exempt goods for rule Molasses used in exempted products Rule 6 of Cenvat Credit rules not applicable if DTA unit supplied goods under Duty Credit Scrip Meaning of exempted services Services on which service tax paid under some conditional abatement/composition scheme are exempted services Trading is exempt services Service provided to unit or Developer in SEZ is not exempt service for purpose of rule Exported service is not exempt service for purpose of rule Job work under Cenvat is exempted service for rule 6? Interest on loans or interest on deposits and delayed payment charges are Nil value service Exceptions from provisions of payment of amount or proportionate reversal Disallowance of Cenvat of capital goods only if used exclusively for exempted final product/services Supply to EOU/SEZ, export of goods, deemed exports or gold manufacture Service provided to unit in SEZ is export and reversal of Cenvat or payment of amount not required Rule 6 not applicable if intermediate product is cleared for subsequent export Some services were eligible upto for full Credit, even if partly used for manufacture of exempted goods/output services Value for purpose of rule 6(3) and 6(3A) Valuation of intermediate product when final product is exempt from duty Payment of amount on exempted final product/exempt services No Cenvat credit of such amount paid Payment of amount means Cenvat credit not taken 306

10 9.7-3 When to pay the amount Return of exempted goods for repairs on which amount was paid No Duty payable on intermediate product if final product cleared on payment of amount Amount can be recovered from buyer If assessee recovers amount from buyer, further amount (6% of 6%) is not payable Amount payable even if exemption notification does not state that Cenvat should not be availed Recovery of the amount Proportionate reversal of Cenvat Credit Inform option to Superintendent Mode of calculations of proportionate reversal Calculation of value of common inputs in case of exempted final products Calculation of amount on provisional basis every month Calculation of final amount after year end Payment of difference if short payment was made Intimation of details to Range Superintendent Self adjustment of excess amount was paid If assessee did not manufacture dutiable goods or did not render taxable in previous year Recovery of the amount Treatment of opening balance of Cenvat credit as on Practical illustration Reversal of credit or payment of amount means Cenvat credit not availed Cenvat credit can be reversed after clearance Reversal sufficient if inputs used in job work/process not amounting to manufacture Payment of amount means Cenvat has not been taken Proportionate reversal sufficient even prior to Provisions upto Options available to manufacturer manufacturing both dutiable and exempt goods Credit of service tax limited if service provider does not maintain separate accounts 328 Annex 9.1 Availment to credit on inputs used exclusively for the manufacture of exempted finished goods 330 Annex 9.2 Reversal of Cenvat credit on clearance of goods under rule 19(2) of Central Excise Rules, 2002 under Notification No. 43/2001-C.E. (N.T.), dated Annex 9.3 Reversal of MODVAT credit taken on inputs under rule 57CC 333 Annex 9.4 Realisation of amount paid under erstwhile rule 57CC(1) and its retention by manufacturers 334 Annex 9.5 Clarification on amendments to rule 6 effected from

11 Annex 9.6 Utilization of accumulated Cenvat credit restricted in terms of erstwhile rule 6(3)(c) of Cenvat Credit Rules, Annex 9.7 Non-applicability of rule 6 to developer of a Special Economic Zone 340 Annex 9.8 Availment of accumulated Modvat/Cenvat Credit on molasses for payment of duty on sugar RULES 7 & 7A : DISTRIBUTION OF CREDIT BY INPUT SERVICE DISTRIBUTOR Text of rules 7 and 7A Input Service Distributor Concept of Input Service Distributor is compulsory if assessee has more than one factories or places of provision of service Invoice for distribution of credit by input service Manner of distribution of Cenvat Credit w.e.f Manner of distribution of credit by ISD upto When assessee has more than one factories Responsibilities of input service distributor Input Credit Distributor distributor 346 RULE 8 : STORAGE OF INPUT OUTSIDE THE FACTORY OF THE MANUFACTURER Text of rule Storage of inputs outside the factory Procedure to be followed 354 Annex 11.1 Procedure for storing inputs outside the factory premises RULE 9 : DOCUMENTS, ACCOUNTS AND RETURNS Text of rule Duty paying documents for Cenvat General provisions in respect of eligible documents Credit if duty paying document is lost Ownership or purchase of inputs is not essential Cenvat Credit in case of defects in duty paying documents Decisions that Cenvat cannot be denied for minor defects in documents 371

12 Is name of user of goods/receiver of services using inputs/input services necessary on Invoice? Eligible duty paying documents Invoice of Manufacturer or his depot Supplementary Invoice by supplier-manufacturer or service provider for differential excise duty/service tax Bill of Entry GAR-7 challan when service tax paid by person other than service provider Duty paid on TR-6 or GAR-7 challan in other cases Other documents eligible for Cenvat credit Debit Note issued by service provider Responsibility of person taking Cenvat credit Differential Duty refunded to supplier of inputs/ capital goods Procedure for Cenvat Returns under Cenvat Records to be maintained for Cenvat 401 Annex 12.1 Problems faced in availing Modvat on rule 52A invoice in the name of the registered office/head office but credit to be availed by the factory 402 Annex 12.2 Problems faced in availing Modvat on bill of entry in the name of registered office/head office but credit to be availed by the factory RULE 9 : INVOICES OF DEALERS 13.1 Dealer s Invoice for Cenvat Dealers who can issue Cenvatable Invoice Procedure of registration of Dealer Requirement of Godown of Dealer Goods must be despatched from premises of dealer Dealer s invoice for Cenvat Provisions when dealer of imported goods is claiming refund of Special CVD of Customs Dealer can have another series of invoice called Private Invoices for Non-Cenvat goods Provisions in respect of imported consignments Despatch of split consignments after import Direct dispatch of goods by manufacturer i.e. transit sale Other provisions relating to dealers invoice 415 Annex 13.1 Maintenance of records by First Stage and Second Stage dealers and pre-authentication of invoices issued by Second Stage dealers/dealers of imported goods RULE 9A : INFORMATION RELATING TO PRINCIPAL INPUTS

13 Text of rule 9A Annual Information relating to Principal Inputs Monthly return of receipt and consumption of each of principal inputs Penalty for late submission or non-submission of ER-5/ ER-6, or not submitting electronically 424 Annex 14.1 Form ER Annex 14.2 Form ER Annex 14.3 Exemption to certain class of manufacturers 429 Annex 14.4 Clarification regarding exemption from filing of ER-4, ER-5 & ER-6 returns RULES 10 & 10A : TRANSFER OF CENVAT CREDIT Text of rules 10 and 10A Transfer/Merger/Shifting of undertaking Transfer of credit of SAD from one factory to other RULE 11 : TRANSITIONAL PROVISION Text of rule Opting or going out of Cenvat Reversal of credit at the time of going out of Cenvat Opting out of Cenvat by SSI RULE 12 : SPECIAL PROVISIONS FOR NORTH-EAST REGION, KUTCH DISTRICT OF GUJARAT, STATE OF JAMMU AND KASHMIR AND STATE OF SIKKIM Text of rule Buyer from new units in J&K, Sikkim, NE and Kutch can avail Cenvat credit RULE 12A : PROCEDURE AND FACILITIES FOR LARGE TAXPAYER Text of rule 12A Large Tax Payers Units Procedural relaxations in excise to LTU Sharing of information between CBDT and CBEC 453 Annex 18.1 Procedural facilities to LTP unit 454 Annex 18.2 Conditions and procedures for registration as LTP unit 457

14 Annex 18.3 Instructions regarding Large Taxpayers Unit 461 Annex 18.4 Instructions regarding sharing of information between CBEC and CBDT RULE 12AAA : POWER TO IMPOSE RESTRICTIONS IN CERTAIN TYPES OF CASES Text of rule 12AAA Withdrawal of facilities to manufacturer/dealer misusing facilities When the facility can be withdrawn and restrictions imposed Which restrictions can be placed and which facilities can be withdrawn? Procedure to be followed Comments on the provisions 478 Annex 19.1 Facilities to be withdrawn and restrictions to be imposed for specified offences 480 Annex 19.2 Authorised Officer 483 Annex 19.3 Measures to provide deterrence for tax evaders in the 20 manufacturing sector 484 RULE 13 : DEEMED CREDIT Text of rule Deemed credit on declared inputs RULE 14 : RECOVERY OF CENVAT CREDIT WRONGLY TAKEN OR ERRONEOUSLY REFUNDED Text of rule Scope of the Rule Earlier controversy upto Reversal before utilisation means Cenvat credit was not taken Interest is compensatory not penal 495 Annex 21.1 Liability of interest where Cenvat credit was wrongly taken but reversed by assessee before utilization 496 Annex 21.2 Interest liability if cenvat credit wrongly taken RULES 15 AND 15A : CONFISCATION AND PENALTY/GENERAL PENALTY

15 Text of rules 15 and 15A Penalty for wrong availment of credit Take or utilise No penalty if wrong availment of Cenvat due to differences in interpretation Residual Penalty for violation of Cenvat Credit Rules Penalty provisions in excise and service tax at a glance RULE 16 : SUPPLEMENTARY PROVISION Text of rule Scope of sub-rule (1) Scope of sub-rule (2) JOB WORK 24.1 Job work under Central Excise Exemption for job work under Cenvat Job worker doing job work under Cenvat may be liable to pay amount after ? Exemption to Job work under Notification No. 214/ Supplier has to undertake payment of duty on final product Raw material supplier (principal manufacturer) not liable for duty liability of scrap/waste generated at end of job worker Use of goods after job work Who can send the material for job work Sending material when manufacturer does not have manufacturing facility is permissible Penalty for violation of declaration given by raw material supplier Job worker can utilise credit of own material used by him in job work Exemption for job work for inputs received from SSI unit Valuation in case of job work Provisions relating to valuation Job worker is responsible for payment of correct duty Job worker can pay duty even if material sent under Cenvat Job worker can add his own material and avail Cenvat Valuation if job worker pays duty 528 Annex 24.1 Notification No. 214/86-C.E., dated Annex 24.2 Notification No. 83/94-C.E., dated Annex 24.3 Notification No. 84/94-C.E., dated

16 Annex 24.4 Procedure for movement of goods for job work under Notification Nos. 83/94-C.E. and 84/94-C.E., both dated Annex 24.5 Proforma for undertaking to be furnished for job work ACCOUNTING, INVENTORY VALUATION AND CENVAT 25.1 Accounting Treatment of Inputs in Cenvat Accounting Treatment of Inputs received Accounting treatment for Service Tax Write off of non-utilisable balance in Cenvat credit receivable account Accounting of Duty paid on Capital Goods Accounting in case of lease or hire purchase 25.3 Payment of excise duty demands from Cenvat credit Payment of amount Inventory Valuation and Cenvat Conflict between AS-2 and section 145A 557 transactions Accounting treatment of unpaid excise duty on final products Valuation of inventory of WIP and final products Other aspects of valuation 560 APPENDIX Cenvat Credit Rules, Validation provisions pertaining to Cenvat Credit Rules 608 Central Excise Rules, SUBJECT INDEX 665 LIST OF CIRCULARS/TRADE NOTICES 675 LIST OF BASE NOTIFICATIONS 677

CONTENTS CENVAT CREDIT SCHEME RULE 2 : DEFINITIONS I-7. Chapter-heads I-5 Rule-wise Index I-23

CONTENTS CENVAT CREDIT SCHEME RULE 2 : DEFINITIONS I-7. Chapter-heads I-5 Rule-wise Index I-23 CONTENTS Chapter-heads I-5 Rule-wise Index I-23 1 CENVAT CREDIT SCHEME 1.1 Background of VAT 1 1.1-1 Budget 2016-17 3 1.2 Basic Concept of VAT 3 1.2-1 Tax credit system to remove cascading effect 4 1.2-2

More information

Chapter 4- CENVAT Credit Rules, 2004

Chapter 4- CENVAT Credit Rules, 2004 Chapter 4- CENVAT Credit Rules, 2004 Purchased IN/INS/CG (Rs. 100) On these paid Excise duty/customs duty*/service tax (Rs.10) Avail the CC (Rs. 10) USED Utilise this CC for payment of OPG/OPS (Rs. 140)

More information

CHAPTER HEADS. Contents I-7 DIVISION ONE INTRODUCTION CHAPTER 1 : BASIC ASPECTS OF INDIRECT TAXES 3 DIVISION TWO VAT & SERVICE TAX

CHAPTER HEADS. Contents I-7 DIVISION ONE INTRODUCTION CHAPTER 1 : BASIC ASPECTS OF INDIRECT TAXES 3 DIVISION TWO VAT & SERVICE TAX CHAPTER HEADS PAGE Contents I-7 DIVISION ONE INTRODUCTION CHAPTER 1 : BASIC ASPECTS OF INDIRECT TAXES 3 DIVISION TWO VAT & SERVICE TAX CHAPTER 2 : STATE VAT 23 CHAPTER 3 : OTHER ASPECTS OF VAT 45 CHAPTER

More information

1

1 www.icwahelpn.co.in 1 ICWAI Objective Type questions and Answers on Indirect Tax 1. Multiple Choice Questions (1) Excise duty can be levied on those goods which are (a) Manufactured in India (b) Sold in

More information

GOODS AND SERVICE TAX (GST) TRANSITIONAL PROVISIONS COMPILED AND PREPARED BY : CA SAGAR THAKKAR

GOODS AND SERVICE TAX (GST) TRANSITIONAL PROVISIONS COMPILED AND PREPARED BY : CA SAGAR THAKKAR GOODS AND SERVICE TAX (GST) TRANSITIONAL PROVISIONS COMPILED AND PREPARED BY : CA SAGAR THAKKAR PRESENTATION COVERAGE TRANSITIONAL PROVISIONS UNDER CGST/SGST ACT SEC. 139 TO 142 OF CGST ACT TRANSITIONAL

More information

VAT CONCEPT AND ITS APPLICATION IN GST

VAT CONCEPT AND ITS APPLICATION IN GST CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system

More information

ISSUES RELATED TO CENVAT CREDIT IN FILING SERVICE TAX RETURNS

ISSUES RELATED TO CENVAT CREDIT IN FILING SERVICE TAX RETURNS 1 ISSUES RELATED TO CENVAT CREDIT IN FILING SERVICE TAX RETURNS 1116, Raheja Chambers, Nariman Point, Mumbai 400021 INDIA Tel : +91 22 40323636 Fax: +91 22 22838389 Email: mail@mzs.co.in www.mzs.co.in

More information

CENTRAL EXCISE CENVAT Credit Rules 2004

CENTRAL EXCISE CENVAT Credit Rules 2004 CENTRAL EXCISE CENVAT Credit Rules 2004 Upender Gupta, IRS (C&CE) B. Com. (Hons( Hons.), FCA, FCS, FICWA, LL.B Additional Commissioner Service Tax We must know Central Excise Act, 1944 Central Excise Rules,

More information

Notification No. 21 / Central Excise (N.T.) GOVERNMENT OF INDIA - MINISTRY OF FINANCE - (DEPARTMENT OF REVENUE) New Delhi, the 18th May 2010.

Notification No. 21 / Central Excise (N.T.) GOVERNMENT OF INDIA - MINISTRY OF FINANCE - (DEPARTMENT OF REVENUE) New Delhi, the 18th May 2010. please verify the details and exact procedure to be adopted with your tax and legal consultant and with your jurisdictional tax office. privately circulated by COSMA for purpose of sharing information

More information

APPLICABLE FROM 16/03/2016

APPLICABLE FROM 16/03/2016 Annex 1 APPLICABLE FROM 16/03/2016 CENTRAL EXCISE (REMOVAL OF GOODS AT CONCESSIONAL RATE OF DUTY FOR MANUFACTURE OF EXCISABLE AND OTHER GOODS) RULES, 2016 NOTIFICATION NO.20/2016-C.E. (N.T.), DATED 1-3-2016

More information

CENVAT Credit Rules, 2004

CENVAT Credit Rules, 2004 CENVAT Credit Rules, 2004 CENVAT Credit Rules, 2004 (Latest amended by Notification Nos. 16/2009-C.E.(N.T.), dated 07-07-2009; 22/2009-C.E.(N.T.), dated 07-09-2009;06/2010-C.E.(N.T.), dated 27-02-2010;

More information

GST - AN OVERVIEW I-5

GST - AN OVERVIEW I-5 Contents 1 GST - AN OVERVIEW 1.1 What is Goods and Services Tax? 1 1.1-1 Amendments made to GST Acts vide Amendment Act, 2018 3 1.1-2 Broad definition of service 6 1.1-3 Dual GST for supply of goods and

More information

GENERAL PROCEDURES UNDER CENTRAL EXCISE

GENERAL PROCEDURES UNDER CENTRAL EXCISE 5 GENERAL PROCEDURES UNDER CENTRAL EXCISE SIGNIFICANT NOTIFICATIONS/CIRCULARS ISSUED BETWEEN 01.05.2014 AND 30.04.2015 1. Following amendments have been made in Central Excise Rules, 2002 [CER] vide Notification

More information

Cenvat Credit Rules 2004

Cenvat Credit Rules 2004 Cenvat Credit Rules 2004 Puneet Agrawal, B. Com (H), CA, LLB Partner ATHENA LAW ASSOCIATES Rule 1 Short title, extent and commencement Cenvat credit rules, 2004 (2) They extend to the whole of India: Provided

More information

Notification No. 18/2012 Central Excise (N.T.)

Notification No. 18/2012 Central Excise (N.T.) [TO BE PUBLISED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (i)] Government of India Ministry of Finance Department of Revenue Notification No. 18/2012 Central Excise (N.T.)

More information

GST - AN OVERVIEW I-5

GST - AN OVERVIEW I-5 Contents 1 GST - AN OVERVIEW 1.1 What is Goods and Services Tax? 1 1.1-1 Broad definition of service 3 1.1-2 Dual GST for supply of goods and services within State 3 1.1-3 IGST for inter-state transactions

More information

GST transitional provisions on credits key issues and challenges. Sagar Shah 17 June 2017

GST transitional provisions on credits key issues and challenges. Sagar Shah 17 June 2017 GST transitional provisions on credits key issues and challenges Sagar Shah 17 June 2017 Interpreting the Transition Provisions Obscurity is often caused not by unnecessary complication of language but

More information

BUDGET ANALYSIS All right Reserved with Bizsolindia Services Pvt. Ltd.

BUDGET ANALYSIS All right Reserved with Bizsolindia Services Pvt. Ltd. CENTRAL EXCISE RULES, 2002 Rule Rule 9 of Central Excise Rules, 2002 Effective Date 1st 05/2016-CE(NT) dated 1 st Existing Provision in Existing / New Provision - Exempts from the separate registration

More information

CENVAT Credit. 4.1 Introduction & brief Legislative History. 4.2 CENVAT Credit Rules, 2004

CENVAT Credit. 4.1 Introduction & brief Legislative History. 4.2 CENVAT Credit Rules, 2004 4.1 Introduction & brief Legislative History 4 CENVAT Credit The powers conferred on the Central Government under clause (xviaa) and clause (xvia) of section 37(2) of the Central Excise Act, 1944 lead

More information

Transitional Provisions

Transitional Provisions Transitional Provisions Udayan Choksi 17 May 2017 18-05-2017 1 S139 - Migration of Existing Taxpayers» Migration is for Every existing registered person Having a PAN Shall be issued a certificate of registration

More information

CENTRAL EXCISE, RULES,

CENTRAL EXCISE, RULES, Get More Updates From Caultimates.com Join with us : http://facebook.com/groups/caultimates Central Excise Rules, 2002 282 CENTRAL EXCISE, RULES, 2002 RULE 1. Short title, extent and commencement. (1)

More information

Transitional Provisions

Transitional Provisions FAQ s Migration of Existing Tax Payers (Section 139) Similar provisions have been specified in the UTGST Act, 2017 Chapter XVIII Transitional Provisions Q1. What is the primary condition for provisional

More information

INTERMEDIATE EXAMINATION

INTERMEDIATE EXAMINATION INTERMEDIATE EXAMINATION GROUP II (SYLLABUS 2012) SUGGESTED ANSWERS TO QUESTIONS DECEMBER 2016 Paper- 11: INDIRECT TAXATION Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right

More information

JOB WORK UNDER CENTRAL EXCISE

JOB WORK UNDER CENTRAL EXCISE JOB WORK UNDER CENTRAL EXCISE By Madhukar N Hiregange (FCA, DISA) & Prateek M (B.Com, ACA) Job work is one of the important aspects that a manufacturer registered under Central Excise should be familiar

More information

CHANGES IN THE CENTRAL EXCISE AND CENVAT CREDIT RULES

CHANGES IN THE CENTRAL EXCISE AND CENVAT CREDIT RULES Telephone 2433 00 66 Email Fax 2433 62 85 Cexchen2@vsnl.com Cexchni@md3.vsnl.net.in Cex2.cnn@gnmds.global.net.in GOVERNMENT OF INDIA MINISTRY OF FINANCE OFFICE OF THE COMMISSIONER OF CENTRAL EXCISE CHENNAI

More information

CENVAT CREDIT. Join with us https://www.facebook.com/groups/caultimates/ SIGNIFICANT NOTIFICATIONS/CIRCULARS ISSUED BETWEEN TO

CENVAT CREDIT. Join with us https://www.facebook.com/groups/caultimates/ SIGNIFICANT NOTIFICATIONS/CIRCULARS ISSUED BETWEEN TO 7 CENVAT CREDIT SIGNIFICANT NOTIFICATIONS/CIRCULARS ISSUED BETWEEN 01.05.2014 TO 30.04.2015 1. Following amendments have been made in CENVAT Credit Rules, 2004 [CCR] vide Notification No. 6/2015 CE (NT)

More information

Input Tax Credit. Chapter III FAQS. Eligibility and conditions for taking Input Tax credit (Section 16)

Input Tax Credit. Chapter III FAQS. Eligibility and conditions for taking Input Tax credit (Section 16) FAQS Chapter III Input Tax Credit Eligibility and conditions for taking Input Tax credit (Section 16) Section 16 of CGST Act, made applicable to IGST vide Section 20 of IGST Act and Section 21 of UTGST

More information

CERTIFICATE COURSE ON INDIRECT TAXES

CERTIFICATE COURSE ON INDIRECT TAXES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Indirect Taxes Committee CERTIFICATE COURSE ON INDIRECT TAXES SUGGESTED ANSWERS OF THE ASSESSMENT TEST HELD ON 25 TH AUGUST, 2012 PART A Write the correct

More information

TRANSITIONAL PROVISIONS

TRANSITIONAL PROVISIONS TRANSITIONAL PROVISIONS REGISTRATION Sec Ref Chapter XX Particulars 139 Migration of Existing Tax Payers 140 Input Tax Credit Transition 141 Job work related Transition 142 Miscellaneous Transition provisions

More information

Input Tax Credit (ITC)

Input Tax Credit (ITC) FAQ s Chapter III Input Tax Credit (ITC) Eligibility and Conditions for taking Input Tax Credit (Section 16) Section 16 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017

More information

(1) Mr. Balwan has started a Gymnasium in Mumbai. He has obtained service tax registration and

(1) Mr. Balwan has started a Gymnasium in Mumbai. He has obtained service tax registration and J.B.NAGAR CPE STUDY CIRCLE OF WIRC ISSUES IN CENVAT CREDIT CA SHEEL V. BHANUSHALI (1) Mr. Balwan has started a Gymnasium in Mumbai. He has obtained service tax registration and wants to know whether he

More information

7 CENVAT Credit. The Institute of Chartered Accountants of India

7 CENVAT Credit. The Institute of Chartered Accountants of India 7 CENVAT Credit For the sake of brevity, CENVAT Credit Rules, 2004 have been referred to as CCR, 2004 in this Chapter. Question 1 CENVAT is a consumption based tax. Elaborate the statement. In any manufacturing

More information

All About GST and Model GST Law

All About GST and Model GST Law All About GST and Model GST Law 1 Contents GST Basics Supply Meaning & Scope Supply - Time & Place Valuation Rules Input Tax Credit Administration & Procedures Transitional Provisions 2 Basics of GST 3

More information

Transitional Provisions

Transitional Provisions Chapter XX Transitional Provisions Statutory provision 139. Migration of existing Tax Payers to GST Section (1) On and from the appointed day, every person registered under any of the existing laws and

More information

MTP_Intermediate_Syllabus 2016_Dec2017_Set 1 Paper 11- Indirect Taxation

MTP_Intermediate_Syllabus 2016_Dec2017_Set 1 Paper 11- Indirect Taxation Paper 11- Indirect Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 11- Indirect Taxation Full Marks: 100 Time allowed:

More information

Refunds under GST & Budgetary Support

Refunds under GST & Budgetary Support Presentation on Refunds under GST & Budgetary Support Presented by: CMA Anil Sharma Secretary, NIRC of ICAI 98720-73456 anil_sharma01us@yahoo.com 1 REFUNDS- Chapter-XI Sections-54-56 of CGST Act, 2017

More information

Procedure for Jewellery Industry

Procedure for Jewellery Industry Procedure for Jewellery Industry Excise duty was imposed on article of jewellery in the Union Budget 2016-17. There were many apprehensions of the trade and industry regarding taxability, valuation, exemption,

More information

ANALYSIS OF AMENDMENT IN CENVAT Credit Rules, 2004:

ANALYSIS OF AMENDMENT IN CENVAT Credit Rules, 2004: ANALYSIS OF AMENDMENT IN CENVAT Credit Rules, 2004: (Before proceeding further please read the disclaimer at the bottom of this write up) Notification Number 18 CE (NT) dated 17.03.2012 issued along with

More information

TRANSITIONAL PROVISIONS UNDER GST

TRANSITIONAL PROVISIONS UNDER GST TRANSITIONAL PROVISIONS UNDER GST By: CA. KARAN SINGAL Partner SINGAL & COMPANY TRANSITIONAL PROVISIONS Pending Cenvat Credits (S. 167, 168) Eligible duties & taxes on input Stock (S. 169, 170,171,172)

More information

What is cenvat credit? Main features of Cenvat Credit Scheme

What is cenvat credit? Main features of Cenvat Credit Scheme 1 Cenvat Credit What is cenvat credit? This is a system or procedure under which a manufacturer of excisable goods who is liable to pay excise duty and a provider of taxable services who is liable to pay

More information

Excise Duty on Textile Sector: Increased cost and Compliance Burden

Excise Duty on Textile Sector: Increased cost and Compliance Burden Excise Duty on Textile Sector: Increased cost and Compliance Burden CA Madhukar N Hiregange & CA Rajesh Kumar T R Textile had been subjected to duty of excise at different point of time. In 2004, exemption

More information

BACKGROUND OF INDIRECT TAX LAW

BACKGROUND OF INDIRECT TAX LAW CONTENTS u Chapter-heads I-5 u Section-wise Index I-17 DIVISION ONE LIABILITY OF CUSTOMS DUTY 1 BACKGROUND OF INDIRECT TAX LAW 1.1 Features of Indirect Taxes 3 1.2 Constitution of India 4 1.3 Bill, Act,

More information

CENTRAL EXCISE RULES,

CENTRAL EXCISE RULES, CENTRAL EXCISE RULES, 2002 [Notification No. 4/2002-C.E. (N.T.) dated 01.03.2002 as amended by 06/2003-C.E. (N.T.) dated 11.02.2003, 12/2003-C.E. (N.T.) dated 01.03.2003, 17/2003-C.E. (N.T.) dated 13.03.2003,

More information

CLARIFICATION ON ISSUES RELATING TO CENVAT CREDIT RULES 2004

CLARIFICATION ON ISSUES RELATING TO CENVAT CREDIT RULES 2004 May 25, 2011 CLARIFICATION ON ISSUES RELATING TO CENVAT CREDIT RULES 2004 The Board has issued Circular No. 943/04/2011 CX, dated: April 29, 2011 and has clarified the eligibility of credit with respect

More information

CENVAT CREDIT RULES, By CA RAJIV LUTHIA

CENVAT CREDIT RULES, By CA RAJIV LUTHIA CENVAT CREDIT RULES, 2004 By CA RAJIV LUTHIA CENVAT CREDIT RULES, 2004 Introduced vide Notification No.23/2004-CE (NT) dated 10 th September, 2004. In supersession of CENVAT Credit Rules, 2002 & Service

More information

The Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2006.

The Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2006. The Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2006. Notification No. 37/1995 - Customs (N.T.) dated 26/05/1995; amended by Notification No. 63/95-Customs (N.T.) dated 20-10-95;

More information

Chapter -2 Central Excise Law

Chapter -2 Central Excise Law 1 Solution of Paper 10 Applied Indirect Taxes (CMA) December, 2012 Chapter -2 Central Excise Law Descriptive Question Answer (a): Particular CST Service tax Excise duty Customs duty 2012-Dec[2] (a) Taxable

More information

Tax Planning & Cost Control _Central Excise

Tax Planning & Cost Control _Central Excise Tax Planning & Cost Control _Central Excise By: Madhukar N Hiregange Introduction: i. Central Excise: Entry 84 of the Union list to the Constitution of India empowers the Central Government to levy excise

More information

Summary of Notifications, Circulars from 16 th September, 2016 to 15 th October, 2016

Summary of Notifications, Circulars from 16 th September, 2016 to 15 th October, 2016 Summary of Notifications, Circulars from 16 th September, 2016 to 15 th October, 2016 SERVICE TAX 1. Exemption to taxable services provided by State Govt. etc. by way of granting long term lease of industrial

More information

Part I : Statutory Update Indirect Tax Laws

Part I : Statutory Update Indirect Tax Laws A-48 FINAL EXAMINATION: NOVEMBER, 2015 Part I : Statutory Update Indirect Tax Laws Significant Notifications and Circulars issued between 1 st May, 2014 and 30 th April, 2015 Study Material for Indirect

More information

Goods and Services Tax CA. Sathish V & CA. Krishna J August 2017

Goods and Services Tax CA. Sathish V & CA. Krishna J August 2017 Goods and Services Tax CA. Sathish V & CA. Krishna J August 2017 Slide 1 Table of Contents 1 Input service distribution 2 E-Commerce in GST 3 Job work - an overview 4 Job work procedures in GST 5 Transition

More information

TAXMANN S CENVAT LAW & PRACTICE CHAPTER-HEADS. Contents I-7 Table of cases I-49

TAXMANN S CENVAT LAW & PRACTICE CHAPTER-HEADS. Contents I-7 Table of cases I-49 TAXMANN S CENVAT LAW & PRACTICE CHAPTER-HEADS PAGE Contents I-7 Table of cases I-49 CHAPTER 1 : CENVAT CREDIT SCHEME 1 CHAPTER 2 : RULE 2 : DEFINITIONS 27 CHAPTER 3 : CAPITAL GOODS 52 CHAPTER 4 : INPUTS

More information

BACKGROUND OF INDIRECT TAX LAW INTRODUCTION TO CUSTOMS DUTY TYPE OF CUSTOM DUTIES

BACKGROUND OF INDIRECT TAX LAW INTRODUCTION TO CUSTOMS DUTY TYPE OF CUSTOM DUTIES CONTENTS u Chapter-heads I-5 u Section-wise Index I-21 DIVISION ONE LIABILITY OF CUSTOMS DUTY 1 BACKGROUND OF INDIRECT TAX LAW 1.1 Features of Indirect Taxes 3 1.2 Constitution of India 4 1.3 Bill, Act,

More information

ITC Concepts. Features of ITC Provisions. ISD & its Features

ITC Concepts. Features of ITC Provisions. ISD & its Features Legal Provisions ITC Concepts Eligibility for ITC Features of ITC Provisions Transitional Provisions ISD & its Features Cross Utilization Does Law define Input 2 (59) means any goods other than capital

More information

CA. Hrishikesh Wandrekar Wandrekar & Co.

CA. Hrishikesh Wandrekar Wandrekar & Co. Wandrekar & Co. Basic Concept of GST Destination Based Consumption Tax Tax leviable on value added in the transaction chain Tax on goods & services borne by the ultimate consumer Input tax credit available

More information

APPLICABILITY OF SERVICE TAX:

APPLICABILITY OF SERVICE TAX: SERVICE TAX It is an indirect tax. Service tax is a tax on services provided.the provisions of service tax are contained in chapter V of the Finance Act, 1994 and administered by the Central Excise Department.

More information

ITC Credit- GST Adapted from Standardised PPT on Revised Model GST Law (Nov 2016)

ITC Credit- GST Adapted from Standardised PPT on Revised Model GST Law (Nov 2016) ITC Credit- GST Adapted from Standardised PPT on Revised Model GST Law (Nov 2016) INDIRECT TAXES COMMITTEE THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Coverage Today 2 Topic - GST Credits- Restrictions

More information

Transition Provisions Revised Model GST Law Hari Ganesh V

Transition Provisions Revised Model GST Law Hari Ganesh V Transition Provisions Revised Model GST Law Hari Ganesh V Flow of Taxes Imports BCD CVD Cess SACD BCD IGST Import of Service Service tax IGST IGST (Excise, CST, or Service tax) Outside State Goods and

More information

Composition. Exports

Composition. Exports Email FAQs The emails were received by the GST Policy Wing from various sources and were scrutinized and developed into a short FAQ of 100 emails. It should be noted that the emails received or the replies

More information

Rate of service tax restored to 12% As per section 66, rate of service tax is 12% of the value of taxable services. However, in February 2009, the

Rate of service tax restored to 12% As per section 66, rate of service tax is 12% of the value of taxable services. However, in February 2009, the Rate of service tax restored to 12% As per section 66, rate of service tax is 12% of the value of taxable services. However, in February 2009, the rate of service tax was reduced to 10% vide Notification

More information

Paper-11 Indirect Taxation

Paper-11 Indirect Taxation Paper-11 Indirect Taxation Time Allowed: 3 hours Full Marks: 100 Working notes should form part of the answers. Group-A (Answer Question 1 which is compulsory) Question 1. Answer the following questions

More information

KDF3A INDIRECT TAXATION UNIT I -V

KDF3A INDIRECT TAXATION UNIT I -V KDF3A INDIRECT TAXATION UNIT I -V Unit I : Syllabus Taxation Objectives of Taxation Canon of taxation Classification of Tax Difference between Direct & Indirect Tax. KDF3A-INDIRECT TAXATION 2 OVER VIEW

More information

: 1 : Time allowed : 3 hours Maximum marks : 100. Total number of questions : 6 Total number of printed pages : 8

: 1 : Time allowed : 3 hours Maximum marks : 100. Total number of questions : 6 Total number of printed pages : 8 Roll No : 1 : NEW SYLLABUS 337 Time allowed : 3 hours Maximum marks : 100 Total number of questions : 6 Total number of printed pages : 8 NOTE : 1. Answer ALL Questions. 2. All the references to sections

More information

By: CA Sanjay Dhariwal

By: CA Sanjay Dhariwal By: CA Sanjay Dhariwal sanjay@dnsconsulting.net 9972070601 Specific issues under Stock transfer: Consignment Sales, Inter unit transaction (Separate and Centralized Registration within State), E-commerce,

More information

Basic Concepts. Scope of levy: The duty of Excise is a duty on excisable goods manufactured or produced in India, other than alcoholic liquor.

Basic Concepts. Scope of levy: The duty of Excise is a duty on excisable goods manufactured or produced in India, other than alcoholic liquor. Basic Concepts Constitutional Provisions: Article 272 of the Constitution mentions that Union Duties of Excise other than duties of excise on medical or toilet preparation as are mentioned in Union List

More information

GOODS AND SERVICES TAX

GOODS AND SERVICES TAX GOODS AND SERVICES TAX TRANSITIONAL CREDITS AND DEMONSTRATION OF FILING OF TRAN-1 Two days webcast on GST Organised by: Indirect Taxes Committee GENERAL PRINCIPLES RELATING TO TRANSITION a) Every person

More information

Provisions under GST TRANSITIONAL PROVISIONS. By:- Puneet Agrawal B. Com (H), CA, LLB Partner Athena Law Associates

Provisions under GST TRANSITIONAL PROVISIONS. By:- Puneet Agrawal B. Com (H), CA, LLB Partner Athena Law Associates Provisions under GST TRANSITIONAL PROVISIONS By:- Puneet Agrawal B. Com (H), CA, LLB Partner Athena Law Associates CONTENTS This presentation covers- Migration of existing taxpayers in GST Amount of CENVAT

More information

GST Overview. ~CA Unmesh G. Patwardhan~ Mobile No Unmesh Patwardhan Mobile No

GST Overview. ~CA Unmesh G. Patwardhan~ Mobile No Unmesh Patwardhan Mobile No GST Overview ~CA Unmesh G. Patwardhan~ Mobile No.98224 24968 Unmesh Patwardhan Mobile No.98224 24968 1 Brief History & Concept of GST Unmesh Patwardhan Mobile No.98224 24968 2 1 st Jul 2017 The D Day Journey

More information

SIPOY SATISH CA IPCC MAY-2013/ NOV-2013 F.Y F. A MARKS. VALUE ADDED TAX `100

SIPOY SATISH CA IPCC MAY-2013/ NOV-2013 F.Y F. A MARKS.   VALUE ADDED TAX `100 SIPOY SATISH www.cacwacs.wordpress.com sipoysatish@gmail.com VALUE ADDED TAX 25 MARKS Including EXAMINATION QUESTIONS CA IPCC MAY-2013/ NOV-2013 F.Y. 2012-13 F. A. 2012 100 VALUE ADDED TAX INDEX 2 Q1 (V.

More information

BASICS OF INDIRECT TAX & CENTRAL EXCISE

BASICS OF INDIRECT TAX & CENTRAL EXCISE PAGE About the authors I-5 Preface I-7 How to study and revise this book I-9 DIVISION ONE BASICS OF INDIRECT TAX & CENTRAL EXCISE 1 BASIC CONCEPTS OF INDIRECT TAXES 1.1 Taxation system - Direct and Indirect

More information

6 Input Tax Credit and Composition Scheme for Small Dealers

6 Input Tax Credit and Composition Scheme for Small Dealers 6 Input Tax Credit and Composition Scheme for Small Dealers Learning objectives After reading this unit you will be able to: UNIT 1 : INPUT TAX CREDIT understand what is input tax and output tax. identify

More information

CAS 22 COST ACCOUNTING STANDARD ON MANUFACTURING COST

CAS 22 COST ACCOUNTING STANDARD ON MANUFACTURING COST CAS 22 COST ACCOUNTING STANDARD ON MANUFACTURING COST The following is the COST ACCOUNTING STANDARD 22 (CAS - 22) issued by the Council of The Institute of Cost Accountants of India for determination of

More information

CHAPTER II And CHAPTER III INCIDENCE, LEVY AND RATE OF TAX, REGISTRATION

CHAPTER II And CHAPTER III INCIDENCE, LEVY AND RATE OF TAX, REGISTRATION CHAPTER II And CHAPTER III INCIDENCE, LEVY AND RATE OF TAX, REGISTRATION 3. Incidence and levy of tax (1) Subject to the provisions of this Act, every dealer under sub-section (2), shall pay tax in the

More information

2. Amendment in Mega Exemption Notification 25/2015

2. Amendment in Mega Exemption Notification 25/2015 Summary of Notifications, Circulars from 16 th April2015 to 15 th May 2015 GOODS & SERVICES TAX 1. The Lok Sabha passes the 122 nd Constitutional (GST) Amendment Bill, 2014 Way back in the year 2004, Dr.

More information

FILING OF RETURNS UNDER GST INCLUDING MATCHING OF INPUT TAX CREDIT

FILING OF RETURNS UNDER GST INCLUDING MATCHING OF INPUT TAX CREDIT FILING OF RETURNS UNDER GST INCLUDING MATCHING OF INPUT TAX CREDIT DRAFT RETURN FORMS FORM NO DETAILS 1. GSTR 1 Details of outward supplies of taxable goods and/or services effected 2. GSTR 01A Details

More information

CHAPTER 3 EXPORTS FROM INDIA SCHEMES

CHAPTER 3 EXPORTS FROM INDIA SCHEMES CHAPTER 3 EXPORTS FROM INDIA SCHEMES 3.00 Objective The objective of schemes under this chapter is to provide rewards to exporters to offset infrastructural inefficiencies and associated costs. 3.01 Exports

More information

WIRC of Institute of Chartered Accountants of India

WIRC of Institute of Chartered Accountants of India WIRC of Institute of Chartered Accountants of India Event : GST Course for CA Students Date & Day : 25 th May, 2017 (Thursday) Subject : - Input tax credit including Input Tax Credit Rules - Provisions

More information

INTRODUCTION TO CUSTOMS DUTY TYPE OF CUSTOM DUTIES

INTRODUCTION TO CUSTOMS DUTY TYPE OF CUSTOM DUTIES CONTENTS u Chapter-heads I-5 u Section-wise Index I-23 u Glossary (Acronyms) I-27 1 INTRODUCTION TO CUSTOMS DUTY 1.1 Brief Background of Customs Law 1 1.2 Nature of Customs Duty 5 1.3 Territorial Waters

More information

Tax Invoice, Credit and Debit Notes

Tax Invoice, Credit and Debit Notes FAQ s Chapter VII Tax Invoice, Credit and Debit Notes Tax Invoice, Credit and Debit Notes (Section 31 Section 34) Section 31 to 34 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST

More information

INTERMEDIATE EXAMINATION GROUP - II (SYLLABUS 2016)

INTERMEDIATE EXAMINATION GROUP - II (SYLLABUS 2016) INTERMEDIATE EXAMINATION GROUP - II (SYLLABUS 2016) SUGGESTED ANSWERS TO QUESTIONS DECEMBER - 2017 Paper-11 : INDIRECT TAXATION Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the

More information

F. No. 137/85/2007-CX. 4 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi

F. No. 137/85/2007-CX. 4 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi Cirlcular No. 97/8/2007 F. No. 137/85/2007-CX. 4 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi Procedural issues in Service Tax-circular-reg.

More information

CHAPTER-7 SPECIAL ECONOMIC ZONES

CHAPTER-7 SPECIAL ECONOMIC ZONES CHAPTER-7 SPECIAL ECONOMIC ZONES Eligibility 7.1 (a) Special Economic Zone (SEZ) is a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purposes of trade operations

More information

i. On or before the due date of furnishing the return for the month of September 2018 i.e (unless extended). OR

i. On or before the due date of furnishing the return for the month of September 2018 i.e (unless extended). OR Points to consider before filing GSTR-3B/GSTR-1 for September 1. Pending Input Tax Credit to be availed before filing GSTR- 3B of Sept 18: Section 16 (4) of Central Goods and Services Tax Act, 2017 provides

More information

CHAPTER-7 SPECIAL ECONOMIC ZONES

CHAPTER-7 SPECIAL ECONOMIC ZONES CHAPTER-7 SPECIAL ECONOMIC ZONES Note: Special Economic Zones (SEZ) are growth engines that can boost manufacturing, augment exports and generate employment. The private sector has been actively associated

More information

Composition Levy Under GST- A Boon or Bane

Composition Levy Under GST- A Boon or Bane Composition Levy Under GST- A Boon or Bane INTRODUCTION T he appointed date for Goods and Services Tax Law (GST Law or GST) role out is 1st of July, 2017. GST Law will affect, directly and indirectly,

More information

TRANSITIONAL PROVISIONS. CA. PUNEET OBEROI FCA, DISA

TRANSITIONAL PROVISIONS. CA. PUNEET OBEROI FCA, DISA TRANSITIONAL PROVISIONS CA. PUNEET OBEROI FCA, DISA 9779344448 puneet@poc-ca.com SCHEME OF TRANSITIONAL PROVISIONS MGL FUNCTIONAL CGST-SEC. 165 TO 197 (Chapter XXVII) IGST- SEC. 21 TRANSITION OF DEPARTMENT

More information

INDIRECT TAX LAWS & PRACTICE. Paper-18. Syllabus Set-2. Answer of Postal test Paper. Set-2.

INDIRECT TAX LAWS & PRACTICE. Paper-18. Syllabus Set-2. Answer of Postal test Paper. Set-2. Paper-18 Syllabus-2016 Set-2 Answer of Postal test Paper Set-2 www.globalcma.in info@globalcma.in Q.1 i. Is not ii. Export iii. Identical Goods iv. Green Channel v. Service Provider B. i. ii. iii. iv.

More information

Response to questions raised by members in relation to Goods and Services Tax ( GST )

Response to questions raised by members in relation to Goods and Services Tax ( GST ) Response to questions raised by members in relation to Goods and Services Tax ( GST ) 1. What will be the treatment for hallmarking charges recovered from Customer? As per Section 15 of the CGST Act, 2017,

More information

PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD

PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD SIMPLIFYING THE GST CODE PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD CURRENT STRUCTURE CASCADING EFFECT TAX ON TAX Excise/VAT/CST/Entry Tax/BCD/CVD/AED, ETC. Excise/VAT/CST Branch Transfers VAT/CST WHY

More information

FACILITY NOTICE NO: 7 /

FACILITY NOTICE NO: 7 / GOVERNMENT OF INDIA OFFICE OF THE COMMISSIONER OF CENTRAL EXCISE, CUSTOMS & SERVICE TAX 6/7 - A.T.D. STREET, RACE COURSE ROAD, COIMBATORE - 641 018 Please visit us at bttp:/icenexkovai.tn.nic.in FACILITY

More information

FAQ on filing of Transition form

FAQ on filing of Transition form FAQ on filing of Transition form 1. What is the requirement for filing transition Form GST TRAN - 1? Every registered person in GST would be required to file form GST TRAN-1 to carry forward credit of

More information

Institute of Chartered Accountant of India

Institute of Chartered Accountant of India Institute of Chartered Accountant of India Program : Live Webcast Subject : Input tax Credit Date & Day : 19 th January, 2017 (Thursday) 1 Preamble Presentation is based on revised Model GST Law ( RMGL

More information

Union Budget 2015 Tax proposals February 28, 2015

Union Budget 2015 Tax proposals February 28, 2015 Union Budget 2015 Tax proposals February 28, 2015 New Delhi Mumbai Bangalore Hyderabad 1 Union Budget 2015 Efforts on various fronts to implement Goods and Services Tax ( GST ) from next year Effective

More information

Registration, returns & TRANSITIONAL PROVISIONS

Registration, returns & TRANSITIONAL PROVISIONS 1 www.ada.org.in/gstindia.biz Registration, returns & TRANSITIONAL PROVISIONS Ashu Dalmia Partner Ashu Dalmia & Associates FCA,DISA,CISA ICAI Certified-FAFD,ICAI-Certified Arbitrator Special Auditor u/s

More information

Procedures under GST BY CA LAKSHMI G K. Hiregange & Associates

Procedures under GST BY CA LAKSHMI G K. Hiregange & Associates Procedures under GST BY CA LAKSHMI G K 1 Coverage Procedure to register under GST Procedure to supply goods Books of accounts to be maintained under GST Procedure to pay GST Procedure to file returns under

More information

Sectoral Impact- Outsourced Manufacturing or Job Work - GST Revised Law

Sectoral Impact- Outsourced Manufacturing or Job Work - GST Revised Law Sectoral Impact- Outsourced Manufacturing or Job Work - GST Revised Law DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily

More information

Benefits to Exporters under Indirect Taxation (Excise, Customs and FTP etc.) & Professional opportunities for Practicing CAs Seminar CPE Study Circle

Benefits to Exporters under Indirect Taxation (Excise, Customs and FTP etc.) & Professional opportunities for Practicing CAs Seminar CPE Study Circle Benefits to Exporters under Indirect Taxation (Excise, Customs and FTP etc.) & Professional opportunities for Practicing CAs Seminar CPE Study Circle of Baroda Branch of WIRC of ICAI 1 INDEX Page No I.

More information

MTP_Intermediate_Syllabus 2012_Jun2017_Set 2 Paper 11- Indirect Taxation

MTP_Intermediate_Syllabus 2012_Jun2017_Set 2 Paper 11- Indirect Taxation Paper 11- Indirect Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 11- Indirect Taxation Full Marks: 100 Time allowed:

More information

IMPORTANT CONCEPTS IN INDIRECT TAX

IMPORTANT CONCEPTS IN INDIRECT TAX IMPORTANT CONCEPTS IN INDIRECT TAX Madhukar N Hiregange F.C.A. The tax is the price which we pay for a Civilised Society- Justice Holmes of US Supreme Court. In a civilised society a citizen demands law

More information

GST - Input Tax Credit. Keval Shah at Bandra Kurla Complex, WIRC of the ICAI. Agenda for the day. Provisions of Input Tax Credit

GST - Input Tax Credit. Keval Shah at Bandra Kurla Complex, WIRC of the ICAI. Agenda for the day. Provisions of Input Tax Credit 2 GST - Input Tax Credit Keval Shah at Bandra Kurla Complex, WIRC of the ICAI June 16 2017 Agenda for the day Provisions of Input Tax Credit Concept of Input Service Distributor Transitional provisions

More information