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Reversal o cenvat on w/off material
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....eversal o cenvat on w/off material<br> Query (Issue) Started By: - Srinivas ch Dated:- 5-4-2009 Last Reply Date:- 16-4-2009 Central Excise<br>Got 4 Replies<br>Central Excise<br>Material lying with us nearly 25years old, written off from books due to contamination. Dept. asking for reversal of Cenvat, Since the material is still with us, do we need to reverse the Cenvat credit? Reply By Mukesh Kum....
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....ar: The Reply: As per the amended provisions of Cenvat Creidt Rules, 2004, you need to reverse the cenvat credit in respect of material written off from the books. However, you need to check the period because such amendment is not retrospective. Further, you need to check whether you have availed cenvat credit (modvat at than time). If no modvat was availed, no reversal is required. Reply By Ma....
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....dhukar N Hiregange: The Reply: 25 years back there was no modvat. Modvat was implemnented in 1987. Therefore no need to reverse. If no information exists as to what is the duty paid many years back since the information is beyond the statutary period of limitation of 5 years you can also contend that the same is not reversable. Reply By Surender Gupta: The Reply: I agree with the view of Mr. Madhu....
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....kar N Hiregange that there was no scheme like Modvat credit / cenvat credit 25 years back. Therefore, the question of reversal is not aroused. Reply By S. B. Kakade: The Reply: The material means finished goods. The finished goods written off but not destroyed or cleared from the factory no duty on finished goods to be paid and question of reversal of Cenvat Credit. If the finished goods are tio ....
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....be destroyed then application for destruction with Competent Authoriity is to be filed alongwith remission of duty.<br> Discussion Forum - Knowledge Sharing ....