Reversal of equilent Cenvat Credit on removal of inputs

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..... Reversal of equilent Cenvat Credit on removal of inputs
Query (Issue) Started By: - KARAN KUMAR Dated:- 14-9-2014 Last Reply Date:- 14-9-2014 Central Excise
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Central Excise
Dear expert, I am unable to understand how the amount of "equivalent cenvat on removal of inputs as such" is ascertained. Say, a manufacturer has procured domestic/imported inputs during the .....

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..... year 2007 to 2014. The total amount of Cenvat availed on these inputs will be different because of difference in year wise rate of duty for example it may 16.48% in 2008-09 and 8.24% in 2009-10. Now, he has to remove certain inputs as such. How will he ascertain the amount of Cenvat Credit required to be reversed i.e. whether he will have to reverse 16.48% or 8.24%. Please reply, H .....

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..... ow the domestic and imported inputs and inputs suffering different rate of duty is stored in the stores to ensure their easy identification. Which book should I study to understand all the transactions/procedure involved in the industry for procurement and use of inputs right from purchase order till the use of material. Reply By Pradeep Khatri: The Reply: Dear Karan, For reversing of CENVAT c .....

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..... redit on goods removed as such, you either do it on the basis of FIFO Method or LIFO Method, depending on the method is being used in your organization. We suggest you that you must read some good books on costing, as the standards framed by the CWA Institute plays a substantial role in Indirect Tax Matters. Regards YAGAY and SUN Management and Indirect Tax Consultants
Discussion Forum - Kn .....

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..... owledge Sharing .....

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