Dear Experts,
please let me know, if any manufacturer purchase a machinary(caipital goods) on dated 01.04.2013, and claimed 50% Cenvant on the machina, if machine was removed in july 2013 then how much duty will be pass on
SATVEER (executive) (137 Points)
25 June 2014Dear Experts,
please let me know, if any manufacturer purchase a machinary(caipital goods) on dated 01.04.2013, and claimed 50% Cenvant on the machina, if machine was removed in july 2013 then how much duty will be pass on
Arun Kumar Singh
(GST Advocate)
(15188 Points)
Replied 25 June 2014
If captal goods are removed after use, the manufacturer or output service provider shall pay an amount equal to original cenvat credit taken reduced as per prescribed rates by 2.5% for each quarter of a year or part thereof from the date of taking the cenvat credit.
JAINENDRA JAIN
(ACS/CA)
(1668 Points)
Replied 25 June 2014
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