16 February 2009
Proviso to rule provide that id capital goods are removed as such after being put to use then the mfg. has to pay an amount equal to cenvat credit availed in respect of such goods reduced by 2.5 % for evry quarter of year or part thereof starting from the date of taking cenvat credit .
My query is that if mfg. having acquired cap goods and put to use and removed it out of factory in the same financial year , is he is required to pay an amt. eqaul to 50% cenvat availed as reduced by 2.5 % per quarter of use or otherwise .
CAclubindia
