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CENVAT CREDIT AVAILED ON ASSEST SALE BY OUR CUSTOMER, Central Excise |
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CENVAT CREDIT AVAILED ON ASSEST SALE BY OUR CUSTOMER |
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we are manufacture of Machinery. We had sold one machine to our customer in year 2011. Now customer intend to sale the same machine to us as assest sale after reversing excise duty which he had availed credit earlier with basic amount (after deducting depreciation). In our case can we take the same machine as input and avail cenvat credit for the same or we have to show sales return and avail cenvat credit .
Please advice. Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
You have not specified the further use of such machinery at your end. However, If the said machine is to be used in your factory premises, then receive it as an input and avail cenvat credit. If it is required to be re-sold again to another customer, then show it as sales return and avail cenvat credit.
If the said machine we take as input & dismantle the parts & use the parts in various machinery wherever suitable and some parts cleared as scarp. In this procedure we do not have any co- relation regarding clearance of machine parts of the said machine. Whereas the Law says if we take credit on Finished Goods which is return by our customer it is importance to show clearance of the same with payment of Excise duty either equal to credit or more than credit avail. Still can we avail credit in the above matter. Pl. advice.
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