Credit on capital goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2012
dear Sir my question is that suppose we removed capital goods as such in the same financial year , can we reverse credit taken on capital godds form credit taken on input goods.
25 February 2012
As per rule3(5) of cenvat credit rules when goods ( be it input or capital ) are removed as such the assessee is required to pay an amount equal to cenvat availed. In this respect firstly the credit which is lying in your books RG23A and RG23C shall be utilised first and then remaining if any shall be paid through a debit in PLA.
so answer to your query is yes you can adjust cenvat on inputs for reversing cenvat on capital goods in case of removal as such, as it is treated as fresh removal of goods from your factory.
so answer to your query is yes you can adjust cenvat on inputs for reversing cenvat on capital goods in case of removal as such, as it is treated as fresh removal of goods from your factory.
25 February 2012
yes.. there is no diff between credit on capital goods and input goods while utilizing for payment of excise (subject to availability as per rules)
03 April 2012
The expert has correctly answered I agree with him and no extra comment is required.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- GST Reverse
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Sale of Equity shares for Purchase of Residential Property
- RCM and FCM
- Two seprate Invoice needed
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
