Cenvat availment
This query is : Open
28 December 2010
Dear CAs,
We are in the brown field project. Till last month project was on but due to some reasons the project is kept on hold and may be scrapped if not started in next few months.
During the execution of the project we purchased capital goods and raw matarial for construction of capital goods. As on date these are not ready for use for the reason stated above. But we have taken cenvat benefit on the items/material purchsed. Now my quary is-
a) Whatever Cenvat utilised holds good or we need to reverse the same as project is going to close.
OR
b) We may continue to take the Cenvat as taken previously.
Please give your views on the above.
Regards
Manoj
We are in the brown field project. Till last month project was on but due to some reasons the project is kept on hold and may be scrapped if not started in next few months.
During the execution of the project we purchased capital goods and raw matarial for construction of capital goods. As on date these are not ready for use for the reason stated above. But we have taken cenvat benefit on the items/material purchsed. Now my quary is-
a) Whatever Cenvat utilised holds good or we need to reverse the same as project is going to close.
OR
b) We may continue to take the Cenvat as taken previously.
Please give your views on the above.
Regards
Manoj
28 December 2010
Cenvet credit is not needed to be reversed.
You still may take the credit.
You still may take the credit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
