Cenvat credit for capital goods

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Abhishek Kumar (Querist)
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25 May 2009 Sir,

What is the procedure of Cenvat Credit Rule Against Capital Goods , How Much taken in Current Year & Blance Part taken Procedure .

Thanks

Abhishek Bhadaouria

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Madhukar N Hiregange

Madhukar N Hiregange (Expert)
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25 May 2009 Upto 50% in the year of receipt and balance in the subsequent years. Coindition is that the Capital goods shoul dnot be used exc;usively in manufacture of exempt goods of for non taxable services.
If not taken inthe first year then the whole amount can betaken inthe enxt year.
Depreciation under IT should not have been claimed on the credits claimed.

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