in the case of manufacturing industries, kindly elucidate the following
1. treatment of samples removed from factory, valuation, payment of duty etc.
2. in the case of ramaterial, wip, finished goods become obsolete, treatment in reversing the cenvat credit taken
3. treatment of goods such as ramaterial stores, WIP, FG destroyed, and treatment in reversing the cenvat credit
Guidance on Cenvat Credit: Rules for Samples, Obsolete Materials, and Destroyed Goods in Manufacturing Explained A query was raised regarding the treatment and valuation of samples, obsolete materials, and destroyed goods in manufacturing industries concerning Cenvat credit. The response indicated that for samples, duty must be paid according to Rule 6 and Rule 11 of the Valuation Rules. For obsolete raw materials, Rule 3 of the Cenvat Credit Rules 2004 applies. If finished goods are destroyed, duty must be paid, or remission sought under Rule 21 of the Central Excise Rules, 2002. Work-in-progress (WIP) losing its original identity during manufacturing is treated as finished goods. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
