we manufacture machinery which is used in jute industries.our product is exempted.we consumed some items in a factory as a raw material for making another goods.we have already transferred goods from finished goods to captive consumption and shown in the RG1 register as captive consumption.
Is there is any way to reverse the captive consumption to finished goods???
Machinery Company Seeks Guidance on Reversing Captive Consumption to Finished Goods Under Excise Law, RG-1 Register Update A company manufacturing machinery for the jute industry, exempt from excise, inquired about reversing items used as raw materials from captive consumption back to finished goods. One respondent stated that excise law does not allow reversing captive consumption. Another suggested that reversing is possible if physical stock exists and the entry was a mistake, but requires notifying Central Excise Officials. The discussion highlighted the distinction between written and unwritten laws, with unwritten laws involving interpretations and discussions. The original inquirer confirmed the physical movement of stock and sought guidance on updating the RG-1 register. (AI Summary)
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