Reversal of cenvat credit
Querist : Anonymous
(2) If excise duty calculated on basis of transaction value of the old capital goods is higher, then ‘amount’ equal to that duty payable.
For example, capital goods were purchased on which Cenvat Credit availed was ` 1,00,000. These were cleared after use for five years. Then ‘amount’ to be paid (i.e. Cenvat credit to be reversed) is ` 50,000 (10% per year). However, capital goods were sold for ` 5,00,000 on which excise duty payableat current rate of 12.36% is 61,800. In that case, ‘amount’ payable will be ` 61,800.
Querist : Anonymous
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