Friday 27 November 2015

Credit of EC can't be used to pay SHEC

Cenvat Credit: As per First Proviso to rule 3(7)(b) of the CENVAT Credit Rules, 2004, credit of EC on excisable goods and EC on taxable services can be used only for payment of EC on finished excisable goods or EC on taxable service; hence, credit of EC cannot be used for discharging SHEC

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