Cenvat on machine purchase & as it is sale of machine
This query is : Resolved
22 September 2012
Sir, we are manufactrure of corrugated boxes having excise registration. We have purchased a Machine in last month with excise invoice. But we sold it, as it is to any other party with our Excise Invoice. Please tell me that:
1. Will we take cenvat credit of Machine Purchase bill in Two Financial Year?
2. Will we pay full excise duty to Excise deptartment agst. Our bill of Sale of That Machine.
1. Will we take cenvat credit of Machine Purchase bill in Two Financial Year?
2. Will we pay full excise duty to Excise deptartment agst. Our bill of Sale of That Machine.
U S Sharma
(Expert)
22 September 2012
1. if the machine is sold in same financial year , then take 50% immediate on purchase and balance 50% on the date of sale.
2. yes you have to pay ED subject to 2.5% reduction per quarter in SLM method for depriciation.
2. yes you have to pay ED subject to 2.5% reduction per quarter in SLM method for depriciation.
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