Capital goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2013
pl let me know the rate of excise duty on as such sales of capital goods after 2 years
26 September 2013
As per rule 3(5A) of cenvat credit rules as amended w.e.f. 1.4.2012, if capital goods are removed after use, the manufacturer or output service provider shall pay an amount equal to original cenvat credit taken reduced as per prescribed rates based on number of years used. cenvat credit originally taken on the capital goods is redused as 2.5% for each quarter of a year or part thereof from the date of taking the cenvat credit.
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