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of <h1>Manufacturers Must Reverse CENVAT Credit for Fully Written Off WIP and Finished Goods, as per Rule 3(5B.</h1> The circular addresses the reversal of CENVAT credit on work-in-progress (WIP) and finished goods written off in the books of accounts. According to Rule 3(5B) of the CENVAT Credit Rules, 2004, manufacturers must reverse credit if the value of inputs is fully written off. For finished goods, excise duty is applicable upon manufacture, but remission is possible under Rule 21 if goods are destroyed. If finished goods are written off, manufacturers must pay excise duty or reverse input credit if duty is remitted. For WIP, if it qualifies as manufactured goods, similar treatment to finished goods applies; otherwise, it is treated as input.
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