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

Duty remission and reversal of cenvat credit apply after destruction of goods, with insurance excluding duty recoveries.
Destruction of stock by fire requires reversal of cenvat credit on destroyed raw materials and finished goods; insurance claims should exclude the duty component of finished goods; remission of duty may be considered subject to proof of adequate precautions, with higher-value cases requiring escalation to senior remission authorities and reporting to the Board under applicable remission rules and administrative notifications.