TaxTMI 
TaxTMI 
Capital goods rejection
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....apital goods rejection<br> Query (Issue) Started By: - yateen vyas Dated:- 23-8-2014 Last Reply Date:- 24-8-2014 Central Excise<br>Got 4 Replies<br>Central Excise<br>Sir, One of our capital goods got rejected and we have taken 100 % credit for returning the goods.But at the last time goods were again checked and found ok.Now tell me what should i do now, because we have made invoice for outg....
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....oing of capital goods to purchaseer. Reply By Pradeep Khatri: The Reply: Dear Yateen, You can cancel the invoice and provide the intimation to the Department through www.aces.gov.in. You need to disclose all material facts to the Department and reverse the 50% CENVAT credit immediately. Department may ask to pay the interest to wrongful availment of 100% CENVAT credit but you should sti....
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....ck to your factual contentions. Regards YAGAY and SUN (Management and Indirect Tax Consultants) Reply By yateen vyas: The Reply: Thanks a lot for quick and valuable suggestion. Reply By Rajagopalan Ranganathan: The Reply: Sir, if you have remaining 50% credit in your cenvat credit account you need not pay any interest. Interest is payable only when the excess credit was utilized for p....
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....ayment of duty on finished goods. if it is not utilized and is available in the credit account mere reversal will suffice. Reply By Pradeep Khatri: The Reply: Dear Yateen, Mere having 50% balance in CENVAT credit account does not mean that you have not utilized such credit, but utilization of CENVAT credit will determined by the adopting the FIFO method. Regards, YAGAY and SUN (Managemen....
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....t and Indirect Tax Consultants)<br> Discussion Forum - Knowledge Sharing ....