We had procured certain equipments 2-3 years back and want to send the same to the original equipment manufacturer. But they will take more than 180 days for repairing jobs.
Please provide all rules pertaining to despatch, keeping goods beyond 180 days, penalty for failure to get this returned.
Thanks,.
The consequence of non receipt of such goods is that the MODVAT credit originally availed by the manufacturer is required to be reversed. As such in terms of the above, no duty liability can be fastened upon the principal manufacturer, in case of non receipt of goods, but the consequence would be reversal of the credit availed on the inputs.
M N Rao & Associates LLP
Vijayawada
CA Inter
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Varma Raja & Associates
Thrissur
CA Inter
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CCI
Pro
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