Cenvat credit
This query is : Resolved
P.A. FRANCIS
(Querist)
19 February 2012
4 years back i have purchased capital goods taken credit of 16% Cenvat duty, now i want to resale to some others. At present Excise duty is 10%, so now what % of duty to be charged to my customer
CA. Rajesh P. Ahir
(Expert)
19 February 2012
it will be 16%.
or you can sell it as scrap and pay duty accordingly (applicable to scrap).
or you can sell it as scrap and pay duty accordingly (applicable to scrap).
CMA Loganathan Sekar
(Expert)
20 February 2012
same duty...
CA Nikhil Jhanwar
(Expert)
20 February 2012
There are two aspects:
1. If capital goods are removed as such, then whole 16% duty which was taken as credit will be reversed.
2. If capital goods are removed after being used then Credit required to be reversed is:
Credit taken - 2.5% reduction for each quarter on SLM basis ( In your case to be reduced for 40%)
1. If capital goods are removed as such, then whole 16% duty which was taken as credit will be reversed.
2. If capital goods are removed after being used then Credit required to be reversed is:
Credit taken - 2.5% reduction for each quarter on SLM basis ( In your case to be reduced for 40%)
Maninder Jain
(Expert)
20 February 2012
If capital goods are removed after being put to use- it is not as such removal. The duty will be applicable on transaction value at applicable rate on such goods on the date of removal.
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