Hi All,
Do I need to reverse the cenvat credit taken on capital goods when my product becomes non excisable ?. Please give me the relevant rules on this.
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 31 March 2016
Yes you have to reverse as per CETA. Please refer to Rule 6 of Cenvat Credit Rules for more information. Rule 2 (d) says non excisable goods also as exempted.
thanks
Suri
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961