Hi
We purchased a machinery on 15/03/2005 & availed CENVAT (ED & E Cess) credit. On 16/01/2012, we want to sell the asset.
As per my knowledge, 2.5% on each quarter or part of quarter should be reduced from CENVAT credit availed & 'AMOUNT' equal to the remaining CENVAT availed should be paid to excise.
Should we charge excise on sale of this machinery? Should be charge Secondary & Higher secondary cess? Can the buyer of that used asset will be able to avail CENVAT credit which is asked to charge by law?
Thank you!
CAclubindia
