Availment of cenvat credit
This query is : Resolved
13 October 2015
Respected Professionals,
I have queries regarding availment and utilization of Cenvat Credit:
Q.1. factory was availing the benefit of any exemption Notification and due to this no excise duty were payable on Finished Products, but now exemption has been withdrawn and it starts payment of duty. Whether Cenvat Credit can be availed on capital Goods if those were purchased when factory was availing the benefit of exemption? if yes, in how much old capital goods we can avail Cenvat Credit?
Q.2. Whether Cenvat credit can be availed on Capital goods if such capital goods was using for manufacturing Duitable and Exempted Goods?if yes, in how much old capital goods we can avail Cenvat Credit?
Q.3.
I have queries regarding availment and utilization of Cenvat Credit:
Q.1. factory was availing the benefit of any exemption Notification and due to this no excise duty were payable on Finished Products, but now exemption has been withdrawn and it starts payment of duty. Whether Cenvat Credit can be availed on capital Goods if those were purchased when factory was availing the benefit of exemption? if yes, in how much old capital goods we can avail Cenvat Credit?
Q.2. Whether Cenvat credit can be availed on Capital goods if such capital goods was using for manufacturing Duitable and Exempted Goods?if yes, in how much old capital goods we can avail Cenvat Credit?
Q.3.
14 October 2015
Q 1. the moment you start manufacturing exisable goods credit can be taken irrespective of the fact it was used for exempted goods earlier.
Q 2. it can be subject to rule 6 of the CCR 2004.
Q 2. it can be subject to rule 6 of the CCR 2004.
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15 October 2015
Dear Sir, Thanks for reply,
an ordnance factory which was earlier exempted from excise duty but w.e.f. 1.6.15 exemption has been withdrawan.
Such factory purchased capital goods of
as folows:
in 2010 80 Crore
in 2012 20 crore
and in 2014 35 crore
will it be possible to take Cenvat credit on such capital goods?
an ordnance factory which was earlier exempted from excise duty but w.e.f. 1.6.15 exemption has been withdrawan.
Such factory purchased capital goods of
as folows:
in 2010 80 Crore
in 2012 20 crore
and in 2014 35 crore
will it be possible to take Cenvat credit on such capital goods?
16 October 2015
according to settled law yes.
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16 October 2015
Thank u sir, will u please tell under which rule or section it is provided.
Actually local excise authorities are denying to give credit on capital goods of past years.
Please specify the specific section or rule under which it is given or give any case law for the same
Actually local excise authorities are denying to give credit on capital goods of past years.
Please specify the specific section or rule under which it is given or give any case law for the same
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