cenvat credit
This query is : Resolved
kamal sood
(Querist)
26 November 2010
dear experts,
we had imported a machine on lease in may 2007 and paid the custom duties including CVD. we had availed the cenvat credit of CVD (i.e. 50% in 2007 & 50% in 2008). Now we want to return it to the exporter from whom we had purchased it. we have not used that machine.
Pls let me know the whether we have to reverse the cenvat credit under rule 3(5)or not. pls also clarify what if we have used that machine.
this is urgent please.
we had imported a machine on lease in may 2007 and paid the custom duties including CVD. we had availed the cenvat credit of CVD (i.e. 50% in 2007 & 50% in 2008). Now we want to return it to the exporter from whom we had purchased it. we have not used that machine.
Pls let me know the whether we have to reverse the cenvat credit under rule 3(5)or not. pls also clarify what if we have used that machine.
this is urgent please.
26 November 2010
As per prevailing Rules, the credit has to be reversed on the depreciated value of the machine.
kamal sood
(Querist)
26 November 2010
pls clarify me whether the prevailing rule us applicable on import and export.
26 November 2010
what i told is applicable for reversal of cenvat credit on the capital goods removed on which the cenvat credit is availed. Earlier what ever may be the price of capital goodsremoved or what ever may be teh depreciaton,, the original credit availed has to be reversed. Now that rule is done away with
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