Reversal of CENVAT Credit
This query is : Resolved
16 April 2011
A capital asset has been purchased on 01-07-2007 for duty paid of Rs.263680/-. It is disposed of on 30-09-2009 as such. Now problem is what amount payable towards cenvat credit already taken at the time disposal ?
As per my view,
Total CENVAT credit 263680
Less:Abatement(2.5%*9)=22.5% 59328
Amt. payable 204352
Is it valid in law ?? If not, plz. reply in detail .
As per my view,
Total CENVAT credit 263680
Less:Abatement(2.5%*9)=22.5% 59328
Amt. payable 204352
Is it valid in law ?? If not, plz. reply in detail .
02 June 2011
yes its valid
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