https://www.taxtmi.com/article/detailed?id=225 CENVAT credit must be reversed when inputs or capital goods on which credit was taken are removed from factory/service premises, when inputs or capital goods are written off, or when duty on manufactured goods is remitted; capital goods removed after use attract a reduction of 2.5% per quarter from the credit amount. Inputs sent to job workers are eligible for credit if returned within 180 days, otherwise attributable credit must be reversed. Reversals made at departmental instance may be provisionally treated as deposits and can be recredited after verification or adjudication; interest and penalties depend on intention and authority discretion. en-us Wed, 12 Nov 2008 00:00:00 +0530 Thu, 10 Dec 2009 21:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=225 CENVAT credit must be reversed when inputs or capital goods on which credit was taken are removed from factory/service premises, when inputs or capital goods are written off, or when duty on manufactured goods is remitted; capital goods removed after use attract a reduction of 2.5% per quarter from the credit amount. Inputs sent to job workers are eligible for credit if returned within 180 days, otherwise attributable credit must be reversed. Reversals made at departmental instance may be provisionally treated as deposits and can be recredited after verification or adjudication; interest and penalties depend on intention and authority discretion. Articles Cenvat Credit Wed, 12 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=225