Notification No. 39/2007-Central Excise (N.T.)

[JAGANATHAN KUMARAVEL]

Please let us know whether Notification No. 39/2007-CE(N.T.) still holds good  or is there any new notification on Removal of Capital Goods - Reversal of Cenvat Credit

 

 

AI Summary

Notification No. 39/2007-Central Excise (N.T.) still valid; requires 2.5% credit reversal per quarter on capital goods removal. A query was raised regarding the validity of Notification No. 39/2007-Central Excise (N.T.) concerning the removal of capital goods and the reversal of Cenvat Credit. The response clarified that the notification is still applicable, requiring a reversal of 2.5% per quarter upon removal of capital goods after use. Additionally, a circular mandates that even after 10 years of usage, Central Excise duty must be paid on the transaction value when capital goods are removed.