duty liability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 which are duty liability for excisable goods viz. raw-material & finished goods lost in fire i.e burnt?

plzz inform notification or circular of this.

plz reply as early as possible.

Pradeep Jain

Pradeep Jain (Expert)
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24 September 2010 If the finished goods are destoryed in fire then as per Central Excise Rules, 2002, you have to apply for remission of duty. The Cenvat credit taken on inputs will not available and you have to reverse the same.

The same rule does not apply on inputs(Raw material) lost in fire.