50% cenvat can be used in any subsequent year
This query is : Resolved
17 December 2011
Dear Experts,
We have purchased one Machinery on 25th March, 2011 and got CENVAT credit of 2Lakhs.
Now, Is it right to claim 50% of CENVAT against Excise duty payable for FY 2010-11, since the assets is just purchase before 1week from the end of Financial Year?
Am I eligible to take balance 50% CENVAT credit to setoff the Excise duty Payable for April 2011? Or I need to wait 1year from the date of purchase to avail CENVAT input of balance 50%?
Kindly clarify..
Thanks & Regards,
Sidhardh.
We have purchased one Machinery on 25th March, 2011 and got CENVAT credit of 2Lakhs.
Now, Is it right to claim 50% of CENVAT against Excise duty payable for FY 2010-11, since the assets is just purchase before 1week from the end of Financial Year?
Am I eligible to take balance 50% CENVAT credit to setoff the Excise duty Payable for April 2011? Or I need to wait 1year from the date of purchase to avail CENVAT input of balance 50%?
Kindly clarify..
Thanks & Regards,
Sidhardh.
CA BISHAN AGARWAL
(Expert)
17 December 2011
If the machinary is received in the factory you may take 50% credit for payment of Duty.
And Balance 50% is to be taken on next F.Y but the machinary is to be installed.
And Balance 50% is to be taken on next F.Y but the machinary is to be installed.
PUNEET GOYAL
(Expert)
17 December 2011
Yes bishan is right.
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