https://www.taxtmi.com/article/detailed?id=5961 CENVAT credit on capital goods requires reversal when capital goods are removed from factory or service premises, unless removal is temporary; removal after use demands payment equal to credit reduced by prescribed depreciation while clearance as waste or scrap attracts duty on transaction value. Credit may be claimed in proportions across financial years with exceptions permitting full in-year credit; acquisition via lease or finance is eligible but excludes value representing income-tax depreciation. Capital goods sent to job-workers must return within 180 days to retain credit. Wrongful availing by fraud or suppression attracts statutory penalties. en-us Mon, 22 Dec 2014 10:01:19 +0530 Mon, 22 Dec 2014 10:01:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5961 CENVAT credit on capital goods requires reversal when capital goods are removed from factory or service premises, unless removal is temporary; removal after use demands payment equal to credit reduced by prescribed depreciation while clearance as waste or scrap attracts duty on transaction value. Credit may be claimed in proportions across financial years with exceptions permitting full in-year credit; acquisition via lease or finance is eligible but excludes value representing income-tax depreciation. Capital goods sent to job-workers must return within 180 days to retain credit. Wrongful availing by fraud or suppression attracts statutory penalties. Articles Cenvat Credit Mon, 22 Dec 2014 10:01:19 +0530 https://www.taxtmi.com/article/detailed?id=5961