Dear Experts
Please tell me time period for filing remission of duty application under rule 21?
As per notification No. 33/2007- CE (NT), dated 07.09.2007 - 'the CENVAT credit taken on the inputs used in the manufacture or production of said goods and the CENVAT credit taken on input services used in or in relation to the manufacture or production of said goods shall be reversed.'
But the above is for finished goods, if scrap is destroyed due to fire then how to reverse the duty?
Company Seeks Clarity on Remission of Duty Time Frame Under Rule 21; CENVAT Credit Reversal Required for Fire-Destroyed Scrap A company inquired about the time frame for filing a remission of duty application under Rule 21 of the Central Excise Rules, 2002. They referenced a notification requiring reversal of CENVAT credit on inputs for finished goods, questioning its applicability to scrap destroyed by fire. An expert clarified that Rule 21 does not specify a time limit for remission applications and explained that CENVAT credit must be reversed when duty is remitted. Another expert confirmed that scrap is considered a final product under the Central Excise Tariff Act, subject to duty if generated during manufacturing. (AI Summary)
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