what do if goods are destroyed by fire or other means

[ramswaroop vyas]

Respected Experts,

Can anybody explain the process if a fire take place and your fg and rm are destroyed. Do i have to reversed the duty or are there in other options,

AI Summary

Reversing Duty on Destroyed Goods: Cenvat Credit and Insurance Claims Explained Under Central Excise Rules, Notification No.23/14-CE(NT). In a discussion about the destruction of goods by fire, a participant inquires about the process for reversing duty on destroyed finished goods and raw materials under Central Excise rules. An expert advises that Cenvat credit must be reversed for destroyed goods, and insurance claims can be made excluding the duty on finished goods. Duty may be remitted if precautions were taken. For duty amounts exceeding 5 lakhs, remission requires approval from the Principal Commissioner or Commissioner, with a report sent to the Board, as per Notification No.23/14-CE(NT) dated 6.8.14.