CENVAT- PROVISION FOR NON MOVING SPARES.
This query is : Resolved
VISHWANATH
(Querist)
07 May 2011
WE ARE PROVIDING 50% VALUE OF STORES AND SPARES AS NON MOVING SPARES ON THE ITEMS NOT MOVED FOR MORE THAN 5 YEARS.
A) IN VIEW OF CHANGE IN THE CENVAT RULE ON PROVISION FOR NON MOVING SPARES? WHETHER WE CAN DISCONTINUE MAKING PROVISION?
B) CAN WE WITHDRAW THE ENTIRE PROVISION SOFAR WE MADE.
A) IN VIEW OF CHANGE IN THE CENVAT RULE ON PROVISION FOR NON MOVING SPARES? WHETHER WE CAN DISCONTINUE MAKING PROVISION?
B) CAN WE WITHDRAW THE ENTIRE PROVISION SOFAR WE MADE.
U S Sharma
(Expert)
14 May 2011
cenvat available only if the spares are put into use,
is there any specific reason for non use of the goods? in other ways we say that it was not needed for your concern? if its true then you have to reverse whole the duty taken on this head.
alternate
put in use is just accounting process, shifting of goods from warehouse to plant and machinery, then if they get scrapped at same day even, credit is abailable.
is there any specific reason for non use of the goods? in other ways we say that it was not needed for your concern? if its true then you have to reverse whole the duty taken on this head.
alternate
put in use is just accounting process, shifting of goods from warehouse to plant and machinery, then if they get scrapped at same day even, credit is abailable.
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
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Gift to nri relatives residing in usa
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Urd purchase entry in tally prime
- TDS- 2026-27 Q1 Correction
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
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
