Central excise
This query is : Resolved
13 November 2007
Can CENVAT credit of capital goods be set off againtst excise duty of finished goods ?
14 November 2007
Yes it can be set off against excise duty of finished goods.
So long it can be established that the capital goods were used for manufacture of such finished goods.
There is no provision of one to one co-relation as such the same can be utilised.
So long it can be established that the capital goods were used for manufacture of such finished goods.
There is no provision of one to one co-relation as such the same can be utilised.
14 November 2007
CENVAT credit on capital goods can be set off against excise duty on finished goods. But the condition is that 50% of the cenvat can be setoff in tHE first year AND the balance 50% to be adjusted in one or more future years. Also no depreciation is allowable under income tax act on the portion of cenvat availed.
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