Transcript CENVAT CREDIT - Swamy Associates

WORKSHOP ON EXCISE AND
SERVICE TAX
by
swamy associates
15.02.2008
CENTRAL EXCISE
MANUFACTURE
 Section 2 (f)
 Deemed manufacture.
 Third schedule.
VALUATION
Section 4 – Transaction Value
SECTION 4 & Valuation Rules
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4 - Comparable goods.
5 - Freight and Insurance.
6 - Additional consideration.
7 - Depot clearance.
8 - Captive consumption.
9 - Related person.
10 - Interconnected undertaking.
10A – Jobwork.
11 - Best judgement
SECTION 4 A
 Weights and Measures.
 OE Exemption.
 Different MRP.
APPELLATE / OTHER REMEDIES
 Commissioner (Appeals).
 CESTAT.
 Settlement Commission.
 Pre deposit.
CENVAT CREDIT
 Inputs / Capital Goods / Input Services.
 Cross utilisation.
 Input Service Distributor.
 Rule 6.
 4 % CVD – credit thereof.
 Jobwork vis-à-vis 214/86.
RECENT EVENTS
 Credit on outward transportation.
 Credit on outdoor catering.
 Removal of used capital goods.
 Write off / Provision.
 Interest on supplementary invoices.
LTU
 Eligibility.
 Transfer of Credit.
 Removal of intermediate goods.
 Adjustment of excess duty paid.
 Removal of credit availed inputs &
capital goods.
SERVICE TAX
Basic Features
 Statutory provisions.
 Levy on service provider
- Exceptions.
 Levy on realisation.
Valuation.
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Gross amount.
Consideration in kind.
Reimbursements.
Abatements.
Service provided free.
Certain important services.
 Business auxiliary service.
 Business support service.
 Construction service.
 E/C/I.
 Franchisee Service.
 Intellectual Property service.
Certain important services.
 Goods Transport Agency service.
 Renting of immovable property.
 Works Contract service.
 Repairs & Maintenance.
 Ungal choice.
Export of services.
 Criteria.
 Benefits.
Import of services.
 Position from 28.02.1999.
 Position from 16.08.2002.
 Position from 16.06.2005.
 Position from 19.04.2006.
RECENT EVENTS
 Revised return.
 Fee for delayed return.
 Utilisation of credit for GTA.
 Export related refund.
 Self adjustment.
THANKS