capital goods partial used
This query is : Resolved
Pushkar Singh Rawat
(Querist)
13 December 2010
If capital goods after partial used removed from factory. Amount equal to Cenvat credit taken at the time of entry shall be paid.
My question is- whether cenvat credit avialed is utilised for payment of duty.
if any case law,pls let me know the same
My question is- whether cenvat credit avialed is utilised for payment of duty.
if any case law,pls let me know the same
14 December 2010
The whole purpose of taking the cenvet credit is to adjust against the liability of duty payment.
tarun goel
(Expert)
15 December 2010
yes, you have to reduce the cenvat credit taken on the capital goods @ 2.5% per quarter of the usage. for further clarification kindly go through the Rule 3(5B) of the Cenvat Credit Rule,2004 as amended.
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