Cenvat utilization on capital goods

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MOHAMMED JASEEL (Querist)
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28 September 2016 One machinery purchased on 08.10.2015. cenvat utilized 50% on november 2015 and balance 50% utilized on april this year. Now this machinery transferred to our branch . What is the procedures of central excise ? this cenvat credit is reversed or not ?

Arun Kumar Singh

Arun Kumar Singh (Expert)
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28 September 2016 You need to reversed the cenvat credit.

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MOHAMMED JASEEL

MOHAMMED JASEEL (Querist)
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29 September 2016 Thanks sir . But cenvat credit reversed fully or partly ? if filing any statutory forms under excise for transfer capital goods to our branch within same district ?

MOHAMMED JASEEL

MOHAMMED JASEEL (Querist)
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29 September 2016 Thanks sir

MOHAMMED JASEEL

MOHAMMED JASEEL (Querist)
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29 September 2016 Thanks sir

Arun Kumar Singh

Arun Kumar Singh (Expert)
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29 September 2016 Cenvat Credit originally taken on the capital goods is reduced by 2.5% for each quarter of a year or part there of from the date of taking the cenvat credit.

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MOHAMMED JASEEL

MOHAMMED JASEEL (Querist)
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29 September 2016 Sir, how can show in ER1 ?

subhash sharma

subhash sharma (Expert)
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30 September 2016 Mention the amount in credit utilised in other purpose and also mention
the detail in remark of return (optional )
in ER-1

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