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.
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.
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