finished goods written off
This query is : Resolved
C.A. LINESH PATIL
(Querist)
03 November 2010
1.suppose if finished goods is written off in the books of accounts so whether i am liable to pay excise duty.
and if i am not liable to pay excise duty then should i reverse cenvat credit taken on inputs used for finished goods.
Thanks in advance
and if i am not liable to pay excise duty then should i reverse cenvat credit taken on inputs used for finished goods.
Thanks in advance
Madhukar N Hiregange
(Expert)
04 November 2010
Duty is payable on removal. If only a financial entry see the CCR for specific provisions. I have some doubt on the write off liability for reversal.
vardan sharma
(Expert)
04 November 2010
The answer lies in the fact whether you are entitle for remission or not under rule 21 if yes you have to do reversal other wise pay normal duty ad avail cenva
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