Cenvat credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2012 IF ENGINEERING UNIT MANUFACTURE EXCISABLE GOODS AND IT USE CONSUMABLE TOOLS LIKE INSERTS, DRILL, CUTTER & COOLANT OIL TO MANUFACTURE A FINAL PRODUCT.

WHETHER COMPANY GET 100% CENVAT IN THE SAME YERA OR 50% IN A CURRENT YEAR AND 50% IN SUBSIQUENT YEAR?

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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21 April 2012 company can claim 100% cenvat in the same year as these goods are covered under input definition.

In case of capital goods, 50% in the year of purchase and 50% any subsequent year is allowed.

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