Hi suppose I purchase a machinery(capital goods) on 15/12/2010 for Rs 900000(paying excise duty @ 10.30%) and I sold the said machinery (i.e capital goods) for Rs 550000 from my factory after being used in the manufacture of dutiable goods on 1st July 2013.Excise duty attributible for said machinery at the time of removal is @ 12.36%.What amount of CENVAT credit is now required to be reversed as per Rule 3(6) of cenvat credit rules?
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Cenvat credit reversal as per rule 3(6) on removal
Replies (4)
THere is a sp. notiication for sale of capital goods( not able recollect)
on removal rate of duty applicable old rate only
Cenvat credit to be reversed is Rs. 67,980 being (Rs. 5,50,000*12.36%) since the same is greater than Rs. 67,207 being reversal of cenvat credit availed (Rs. 92700- 25493)
Rs. 25493 (2.5%*11 quarters * 92700)
You should reversed which amount you have taken credit at the time of purchase after adjusting the depreciation value of 2.5% per quarter.
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