A CONSIGNMENT OF 1000KG OF INPUT WAS RECEIVED. THE EXCISE DUTY PAID AS PER THE INVOICE WAS RS 10,000.WHILE THE INPUT WAS BEING UPLOADED,50KG WERE DAMAGED AND WERE FOUND TO BE NOT USABLE.
THEN WHAT IS THE TREAMENT OF CENVAT CREDIT
Menu
CENVAT CREDIT?
Replies (1)
The CENVAT Cr. availed in respect of the damaged goods is to be reveresed because as per the Central Excise Act, input means input used "in or in relation to" Manufacture or Prodocution of Final Product therefore, as the damaged goods were found to be unsuitable for usage as such, CENVAT Cr. needs to be reversed.
Nikhil Baheti
Recent Topics :
- Capital gains on sale of flat from wife to husband
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
Related Topics :
CAclubindia
