cenvat credit
This query is : Resolved
20 August 2010
Rule 3(5C) says that Where on any goods manufactured or produced by an assessee, the payment of duty is ordered to be remitted under rule 21 of the Central Excise Rules, 2002, the CENVAT credit taken on the inputs used in the manufacture or production of said goods shall be reversed.
Excise is levied on manufacture of Finished goods but collected on removal of such goods from the factory. For Example if the finished goods is destroyed in the godown of the manufacturer and the duty payable on removal of the goods is remitted or in other words not required to be paid , then the manufacture is not allowed/eligible to take the credit for the duty paid on the Inputs consumed in manufacture of such finished goods which is destroyed
Excise is levied on manufacture of Finished goods but collected on removal of such goods from the factory. For Example if the finished goods is destroyed in the godown of the manufacturer and the duty payable on removal of the goods is remitted or in other words not required to be paid , then the manufacture is not allowed/eligible to take the credit for the duty paid on the Inputs consumed in manufacture of such finished goods which is destroyed
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- TDS Challan Code
- Relief u/s Section 89
- Rent lease agreement
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- CCFS 2026 Schemed
- Entries in AIS regarding sale of units and shares
- Merchant Export Accounting
- Lease agreement and tax on sale
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
