Reversal of CENVAT credit -Reg.

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....eversal of CENVAT credit -Reg.<br> Query (Issue) Started By: - vinay wakde Dated:- 19-3-2012 Last Reply Date:- 19-3-2012 Central Excise<br>Got 1 Reply<br>Central Excise<br>We have purchased a Storage ....

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....Tax during 2004 for our plant and availed credit under Capital Goods. The said Tank was sold as scrap during 2010 and paid the duty as per transaction valve. Kindly let us know, whether the duty paid ....

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....by us is correct or we have to reverse proportionate duty to the extent of CENVAT credit taken by us after considering depreciation 2.5% per quarter from 2004 to 2010. Regards, VINAY Reply By Prade....

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....ep Khatri: The Reply: Reversal of CENVAT credit after deduction 2.5% per quarter is the right method to setoff the Central Excise Duty.<br> Discussion Forum - Knowledge Sharing ....