Credit on capital goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2012
dear Sir my question is that suppose we removed capital goods as such in the same financial year , can we reverse credit taken on capital godds form credit taken on input goods.
CA-CWA RAVI
(Expert)
25 February 2012
As per rule3(5) of cenvat credit rules when goods ( be it input or capital ) are removed as such the assessee is required to pay an amount equal to cenvat availed. In this respect firstly the credit which is lying in your books RG23A and RG23C shall be utilised first and then remaining if any shall be paid through a debit in PLA.
so answer to your query is yes you can adjust cenvat on inputs for reversing cenvat on capital goods in case of removal as such, as it is treated as fresh removal of goods from your factory.
so answer to your query is yes you can adjust cenvat on inputs for reversing cenvat on capital goods in case of removal as such, as it is treated as fresh removal of goods from your factory.
25 February 2012
yes.. there is no diff between credit on capital goods and input goods while utilizing for payment of excise (subject to availability as per rules)
03 April 2012
The expert has correctly answered I agree with him and no extra comment is required.
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
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Rectification under processing even after 6 months cpc portal
- Appointment of Auditor By Form ADT-1
- Rent agreement of House of deceased person
- Import of Capital Machine
- TDS Return Statement Status
- Closer of business and itc of capital goods
- 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
