cenvat on excisable waste & scrap
This query is : Resolved
pooja patwari
(Querist)
20 October 2010
its urgent, need guidance on the following situation
A manufacturing concern crossed 1.5 crores of turnover ,on that date following was lying in factory
input, finished stock & scrap ( scrap has been lying since long but its excisable and assesse is clearing scrap after paying duty, now whether assesse can claim cenvat on scrap lying in stock in factory, any notification, rule is there to convince the authorities
A manufacturing concern crossed 1.5 crores of turnover ,on that date following was lying in factory
input, finished stock & scrap ( scrap has been lying since long but its excisable and assesse is clearing scrap after paying duty, now whether assesse can claim cenvat on scrap lying in stock in factory, any notification, rule is there to convince the authorities
Madhukar N Hiregange
(Expert)
23 October 2010
The credit on the inputs in raw material form, wip or finished goods is available. However the scrap was generated for manufacture of goods within the exemption.
No specific ruling to my view is there. Normally we advise the manufacturer that prior to corssing 150 akhs he clears all the scrap alo without apyment of duty to avoid the dispute on removal later.
No specific ruling to my view is there. Normally we advise the manufacturer that prior to corssing 150 akhs he clears all the scrap alo without apyment of duty to avoid the dispute on removal later.
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
