Cenvat credit
This query is : Resolved
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
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).
20 February 2012
same duty...
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%)
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.
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG FOR GOLD ETFs
- Loan by Partnership Firm
- E way bill for tractors
- Plot of land. Cost of Acquisition
- Last year TDS Claim
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
