JAYANTA KUMAR BANDYOPADHYAY (professional service) (293 Points)
12 July 2011We had procured certain equipments 2-3 years back and want to send the same to the original equipment manufacturer. But they will take more than 180 days for repairing jobs.
Please provide all rules pertaining to despatch, keeping goods beyond 180 days, penalty for failure to get this returned.
Thanks,.
CS Bijoy
(Expert)
(6394 Points)
Replied 14 July 2011
The consequence of non receipt of such goods is that the MODVAT credit originally availed by the manufacturer is required to be reversed. As such in terms of the above, no duty liability can be fastened upon the principal manufacturer, in case of non receipt of goods, but the consequence would be reversal of the credit availed on the inputs.
CAclubindia
