Central excise

This query is : Resolved

Share Report Follow Query Ask a Query

Rakesh

Rakesh (Querist)
Follow

13 November 2007 Can CENVAT credit of capital goods be set off againtst excise duty of finished goods ?

Rakesh

Rakesh (Querist)
Follow

13 November 2007

Dayal

Dayal (Expert)
Follow

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.

CA. Raviprakash M.S

CA. Raviprakash M.S (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

NISHANT SIPANI

Amit Bhatkar

MAHESHA RAMANNA

J.Vijai

vinod

Subscribe Now

Central excise

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

CA Final

GST CONSULTANT

GST CONSULTANCY

Accountant