semi-finished goods destroyed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2011
Dear sir,
1.Due to some unavaidable accident( like fire) some semi finished good, raw materials and capital goods destroyed.Before going to insurance claim is it necessary to reverse the cenvat credit on the damaged goods.can we claim on the total value including excise duty. please provide the procedure and the notification regarding this issue.
2. Can u avail cenvat credit on iron door, electrical lamp, electrical pannel and cable wire as capital goods
1.Due to some unavaidable accident( like fire) some semi finished good, raw materials and capital goods destroyed.Before going to insurance claim is it necessary to reverse the cenvat credit on the damaged goods.can we claim on the total value including excise duty. please provide the procedure and the notification regarding this issue.
2. Can u avail cenvat credit on iron door, electrical lamp, electrical pannel and cable wire as capital goods
Lalit Kalra
(Expert)
21 January 2011
Answer for question- Yes , cenvat credit will be reverse in case of fire But in the case of semi finished goods firstly maintain the list of items which is used in semi finished goods then take the basic value of rm and create a excise duty on the rm and reverse this amt
and 2nd answer is that if this item is related and helpful in production then we can avail the cenvat credit on the this item as capital goods
and 2nd answer is that if this item is related and helpful in production then we can avail the cenvat credit on the this item as capital goods
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