CENVAT Credit Reversal Not Needed for Devalued Waste Inputs Within Factory, Duty Applies Only Upon Clearance (Rule 3(5B)).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Reversal of CENVAT credit - certain inputs shown the input as waste and value of the input was shown reduced - So long the input is lying in the factory credit cannot be asked to be reversed. Needless to say that as and when the input is cleared from the factory it will be liable for duty in terms of Rule 3(5B) of Cenvat Credit Rules, 2004. - AT....