CA Ankith Jain (Chartered Accountant) (973 Points)
07 April 2016
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 07 April 2016
Sales return can be best example.
The duty paid at the time of clearance of goods can be taken as credit if there is any sales return out of that slot. And again if you do some modifications, again wen u sell such goods, u hav to pay exices duty. !!!!!
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 08 April 2016
Rule 16 allows credit for goods which are returned. If you resell without process amounting to manufacture then, duty reversal is to be done. If process amounts to manufacture then pay duty based on transaction value.
CA Ankith Jain
(Chartered Accountant)
(973 Points)
Replied 16 April 2016
Venkatanarayana GM
(Partner associate at Hiregange & Associates)
(1279 Points)
Replied 17 April 2016
It is not allowed in the rule to avail credit if process does not amounts to manufacture. Hence, you cannot avail the credit
CA Ankith Jain
(Chartered Accountant)
(973 Points)
Replied 17 April 2016
CAclubindia
