reversal under fire accident

[Asked by Guest]

dear sir

recently fire accident occurred in our plant.

now my question is.

can require the reverse of excise duty on raw material, finish goods, semi finish goods and capital goods.

and you also please advice me for what is the time limit of said reversal.

please reply

thanking you.

@ Bharat Patel

AI Summary

Remission of Duty: loss by unavoidable fire may permit remission subject to cenvat reversal and evidential proof.
Remission of excise duty is available for goods lost or destroyed by natural causes or an unavoidable accident, subject to the assessee proving the incident was beyond its control with contemporaneous records; police and insurance findings are relevant but do not dispense with the assessee's onus. Cenvat credit taken on destroyed inputs or goods must be quantified and reversed under the Cenvat rules when remission is considered, and insurance settlements excluding excise elements do not bar remission but affect quantification. Interest may be payable if reversals are not effected by statutory returns.