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50% cenvat can be used in any subsequent year

This query is : Resolved 
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(Querist)
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.
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CA BISHAN AGARWAL

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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.
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PUNEET GOYAL

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PUNEET GOYAL (Expert)
17 December 2011 Yes bishan is right.
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