Exit From EOU

This query is : Resolved

Girish (Querist)
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03 December 2009 We are a 100% Export oriented Unit, we want to convert the EOU to DTA unit. Can anyone tell me how to compute the excise liability on surrender of EOU licence. If we have to pay duty on Imported Goods held / Finished goods etc Which we had imported duty free. What about the Capital Goods, we have to take the amortisated value or depreciation as per IT Act. Another important issue is if we pay duty on surrendering the licence can we avail the credit on the duty paid, if yes what document should be supported for availing such credit.

REgards

Girish Mani

CH.LN.Sastry,MCom, LLB, M.Phil

CH.LN.Sastry,MCom, LLB, M.Phil (Expert)
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14 April 2010 You have to reverse the excise duties on the stocks and finished goods at that time.

You have to pay the duties after deducting the depreciation on the capital goods.

You cant take cenvat credit as you are only reversing the duties already taken.