hi
a company engaged in the business of minning owns several dumpers and tippers. the company now wants to sell one of its tippers/dumper after using it for 5 years. the company have availed the CENVAT Credit at the time of purchase. now if the co. wants to sell the tipper/dumper what will be the beast way to mitigate the reversal of cenvat credit and if possible to what extent.
waiting for your kind reply
regards
you have to reverse 100 percent as reversal is being given for computers not other capital goods,im not sure lets wait for others opinion
regards
sripal
Reduce 2.5% per quater of use from credit originally taken . Resultant is the redit to be reversed.
Dear Nihit
I am 100% agree with Mr. Nair. Please depreciate the cenvat @ 2.5% per qtr and reverse the cenvat at the time of clearance.
Best Regards
HS Negi
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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