Capitl goods sales under excise
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 January 2016
Dear sir,
My company Sell a used capital goods, i read and under stand @ 2.5% for each quarter. My question, i got cenvat credit availed aug 2014 and Now January 2016 selling ,so totally 6 Qtr finish. If cenvat 10,000 , 10000*15%=1500 & 10000-1500=8500 only reverse, is this correct?
2.5%* 6 QTR=15%
Plz solve my problem...
My company Sell a used capital goods, i read and under stand @ 2.5% for each quarter. My question, i got cenvat credit availed aug 2014 and Now January 2016 selling ,so totally 6 Qtr finish. If cenvat 10,000 , 10000*15%=1500 & 10000-1500=8500 only reverse, is this correct?
2.5%* 6 QTR=15%
Plz solve my problem...
Arun Kumar Singh
(Expert)
24 January 2016
Yes you are right. You need to pay excise duty after reducing 15% of the credit.
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