Cenvat Credit
This query is : Resolved
04 February 2010
hi,
After the amendment made by the Finance Act 09, cenvat credit on cement, steel and others used for foundation etc shall not be allowed.
Hence does it mean it was allowed earlier??
If a company had not take cenvat credit earlier but after this notification they claim they were eligible for cenvat, can they de-capitalise the cenvat amount from the books of accounts and claim cenvat for cement used in foundation which they had capitalised 2 years back??? Amount involved approx Rs 1 crore.
After the amendment made by the Finance Act 09, cenvat credit on cement, steel and others used for foundation etc shall not be allowed.
Hence does it mean it was allowed earlier??
If a company had not take cenvat credit earlier but after this notification they claim they were eligible for cenvat, can they de-capitalise the cenvat amount from the books of accounts and claim cenvat for cement used in foundation which they had capitalised 2 years back??? Amount involved approx Rs 1 crore.
04 February 2010
after restraction / notification no one can take cenvat credit in current period.
04 February 2010
But if suppose they have taken cenvat credit for earlier years in the month of June'09 i.e before amendment.
05 February 2010
before amendment its allowed
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