vikram (articled student) (99 Points)
04 December 2010Hi this is vikky,
we purchased a capital asset on which cenvat credit has been utilised, now recently we transfer the said asset so we would like to know the treatment of cenvat credit allready availed.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 04 December 2010
(3) Notwithstanding anything contained in sub-rule (1), in relation to a service which ceases to be an exempted service, the provider of the output service shall be allowed to take CENVAT credit of the duty paid on the inputs received on and after the 10th day of September, 2004 and lying in stock on the date on which any service ceases to be an exempted service and used for providing such service.
(4) The CENVAT credit may be utilized for payment of –
(a) any duty of excise on any final product; or
(b) an amount equal to CENVAT credit taken on inputs if such inputs are removed as such or after being partially processed; or
(c) an amount equal to the CENVAT credit taken on capital goods if such capital goods are removed as such; or
(d) an amount under sub rule (2) of rule 16 of Central Excise Rules, 2002; or
(e) service tax on any output service:
vikram
(articled student)
(99 Points)
Replied 06 December 2010
it is not as such sale, we used it for a period of 1 year
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 06 December 2010
| Originally posted by : vikram | ||
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Hi this is vikky, we purchased a capital asset on which cenvat credit has been utilised, now recently we transfer the said asset so we would like to know the treatment of cenvat credit allready availed. |
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Transfer the said asset to "whom/where/why and for what consideration" if not a sale !!
CAclubindia
