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Cenvat credit on raw material destroyed

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(Querist)
11 January 2013 Sir,

Whether cenvat credit on raw material and semi finished goods destroyed by fire is required to be reversed. Why and under which provision.
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Madhukar N Hiregange

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Madhukar N Hiregange (Expert)
12 January 2013 The raw material which are issued for production and then destruction takes place, the credit need not be reversed.
However those in the stock not issued, then credit reversal wouldbe necessary.

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