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TMI BlogWritte off some SFG Material and transfer to scrap locationX X X X Extracts X X X X X X X X Extracts X X X X ..... Writte off some SFG Material and transfer to scrap location X X X X Extracts X X X X X X X X Extracts X X X X ..... cise X X X X Extracts X X X X X X X X Extracts X X X X ..... case we need to pay Excise duty for the write off the SFG and R.M or not ? Swapneswar Muduli Reply By Rajagopalan Ranganathan: The Reply: Sir, If you remove SFG on payment of duty then you need ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not reverse the credit taken on inputs used in the manufacture of such SFG. In case of RM you should pay the duty on transaction value or the credit taken on such RM whichever is higher. You need not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reverse the credit in view of write-off of SFG & RM since you are paying appropriate duty on their removal from your factory. Reply By YAGAY AND SUN: The Reply: Rule 3(5B) of the CENVAT Credit Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2004, provides that if the value of any input on which Cenvat credit has been taken is written off fully in the books of accounts, then the manufacturer is required to reverse the credit taken on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said input.
For details please check Circular No. 907/27/2009-CX, dated 07.12.2009
Reply By Ganeshan Kalyani:
The Reply:
I agree with the views of Sri Rajagopalan Sir. Thanks. X X X X Extracts X X X X X X X X Extracts X X X X ..... m - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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