Excise on transfer of capital goods
This query is : Resolved
kartik_somu
(Querist)
26 December 2011
We have purchased a capital tool on which we will be availing cenvat credit in the current year and next year.
We want to transfer the tool to our sub contractor.
What is the procedure in respect of excise duty?
is there any form?
Will we have to reverse the credit taken earlier and avail when the tool is brought in?
We want to transfer the tool to our sub contractor.
What is the procedure in respect of excise duty?
is there any form?
Will we have to reverse the credit taken earlier and avail when the tool is brought in?
PAWAN KUMAR
(Expert)
26 December 2011
Simply you have to prepare an job work challan 4(5)(a) for sending the capital item to job worker. No need to reverse any cenvat but ensure the capital item should return to your self within 180 days.If you are sending mould or dies to job worker, this 180 days obligation shall not apply.
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