Cenvat credit on steel strapping HSN No. 72124000
This query is : Resolved
17 May 2011
Plz. clarify whether cenvat credit can be avail on steel strapping (HSN No. 72124000.
U S Sharma
(Expert)
26 May 2011
FLAT-ROLLED PRODUCTS OF IRON OR NON-ALLOY STEEL, OF A WIDTH OF LESS THAN 600 MM, CLAD, PLATED OR COATED
7212 40 00 - Painted, varnished or coated with plastics kg. 16%
in general such items are used in construction where input credit is barred, but if your output products need the item as input (you have to establish the consumption of the item in your finished products technically) then input credit can be allowed.
department may not ask you to establish the relation at the time of taking credit, but at audit stage if found not used in finished goods, then such credit would be reversed with interest and penalty.
7212 40 00 - Painted, varnished or coated with plastics kg. 16%
in general such items are used in construction where input credit is barred, but if your output products need the item as input (you have to establish the consumption of the item in your finished products technically) then input credit can be allowed.
department may not ask you to establish the relation at the time of taking credit, but at audit stage if found not used in finished goods, then such credit would be reversed with interest and penalty.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
