Cenvat credit
This query is : Resolved
22 April 2013
One of my Client being an Individual engaged in Manufacturing activities & also covered in Excise law. He purchased certain inputs outside the state in the month of March,2013 ( i.e.the Exact Date of Despatch was 26/03 & 29/03/2013 from banglore)However my client received the goods in first week of April,2013.
Now the query is when my client is entitled to claim cenvet credit on such inputs i.e. either from the date of Invoice (March,2013) or from the date of receipt of goods within factory premises (April,2013)from the excise law point of view.
Secondly how such purchases are to be booked in accounts i.e. either in F.Y.2012-13 or F.Y.2013-14 (either based on date of invoice or date of receipt of goods actually in factory premises)
Please reply at the earliest.
Now the query is when my client is entitled to claim cenvet credit on such inputs i.e. either from the date of Invoice (March,2013) or from the date of receipt of goods within factory premises (April,2013)from the excise law point of view.
Secondly how such purchases are to be booked in accounts i.e. either in F.Y.2012-13 or F.Y.2013-14 (either based on date of invoice or date of receipt of goods actually in factory premises)
Please reply at the earliest.
22 April 2013
Credit is available only from the date of receipt.
I think in the books it would be shown as goods in transit.
I think in the books it would be shown as goods in transit.
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