TaxTMI 
TaxTMI 
re-export of rented capital goods on which capital goods credit availed
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....e-export of rented capital goods on which capital goods credit availed<br> Query (Issue) Started By: - mohammedshamim shaikh Dated:- 19-10-2018 Last Reply Date:- 20-10-2018 Central Excise<br>Got 4 Replies<br>Central Excise<br>Imported the capital goods from sister concern (i.e. no foreign currency paid) on rental basis on payment of appropriate customs duties and availed applicable cenvat credit t....
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....hereon. Re-exported the said goods without foreign proceeds with the permission of RBI. Pl guide whether cenvat credit availed are required to be reversed? Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: What is the purpose of re-exporting? Reply By shabnoor kazi: The Reply: If the capital goods re-exported with the intention that it will not again import then credit need to be reversed. and ....
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....if the capital goods is intended to import again then need not to reverse provided it should be back in india within the prescribed limit. Reply By KASTURI SETHI: The Reply: When imported goods are not in your possession, the reversal is required. No benefit of export is admissible in the situation explained. Reply By mohammedshamim shaikh: The Reply: It was rented capital goods on which appr....
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....opriate customs duties was paid . I have no ownership of the goods. Only completion of work, it was re-exported the said CG within three years from date of import. Also, no export incentives availed on re-export viz. duty drawback, etc. If CG credit requires to be reversed, pl quote the authority. I believe that there is no duty on export. But, it is also fact that no foreign proceeds made at the....
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.... time import and export as well being sister concern unit.<br> Discussion Forum - Knowledge Sharing ....