Case where MODVAT is untraceable
This query is : Resolved
CMA Jitendra Singh
(Querist)
12 May 2009
We have to transfer some of capital goods from our one plant to another plant.We are unable to trace the invoices of those capital goods as came before 10 years,Hence what procedure we follow to create invoice in order to reverse the MODVAT already taken.
Please guide urgently
Please guide urgently
Madhukar N Hiregange
(Expert)
13 May 2009
If 10 years period has lapsed there is no requirment of charging any CED at all. Under the new rule 10% of the credit per year can be depreciated. In 10 yrs it wouldbe 100%.
No reversal required.
No reversal required.
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