Capital goods Credit
This query is : Resolved
08 June 2009
If a Capital Goods like Machinery purchase & sold during the year. How can one take duty credit in that year. is full amount taken or 50% in one year & balance 50% in next year.
R.G.1 23 part C how can effects shown in reigster
R.G.1 23 part C how can effects shown in reigster
08 June 2009
In accordance with Rule 3(3) - The CENVAT credit may be utilized for payment of any duty of excise on any final products or for payment of duty on inputs or capital goods themselves if such inputs are removed as such or after being partially processed, or such capital goods are removed as such.
CMA Ankur Pandey
(Expert)
08 June 2009
50 % of credit is taken current year and balance 50 % next year
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