TaxTMI 
TaxTMI 
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
Notification No. 39/2007-Central Excise (N.T.)
29 May 2011 
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Cenvat credit reversal on removal of capital goods requires reversal and duty payment on transaction value even after long use.
Notification No. 39/2007-Central Excise (N.T.) continues to require periodic reversal of Cenvat credit upon removal of capital goods after use, obliging taxpayers to reverse credit apportioned on a quarterly basis and to pay excise duty on the transaction value of the capital goods on removal, with administrative clarification that this duty liability applies even after extended periods of use. (AI Summary)
Notification No. 39/2007-Central Excise (N.T.) continues to require periodic reversal of Cenvat credit upon removal of capital goods after use, obliging taxpayers to reverse credit apportioned on a quarterly basis and to pay excise duty on the transaction value of the capital goods on removal, with administrative clarification that this duty liability applies even after extended periods of use. (AI Summary)
