Cenvat credit in case of ssi exemption
This query is : Resolved
17 July 2014
my client has been registered as a manufacture on 10/10/2012. he bought capital goods on 20/12/2012. he applied for exemption notification 8/2003 on 01/04/2014.and started production only in 16/6/2014.
can he take the cenvat credit on that capital good purchased in december 2012 in the year 2014-15??
Kindly reply urgently
can he take the cenvat credit on that capital good purchased in december 2012 in the year 2014-15??
Kindly reply urgently
18 July 2014
AS PER SUB RULE (2) OF RULE 3 OF CENVAT CREDIT RULES, 2004:-
"the manufacturer of final products shall be allowed to take CENVAT credit of the duty paid on inputs lying in stock or in process or inputs contained in the final products lying in stock on the date on which any goods manufactured by the said manufacturer."
SO, I THINK THEY CAN NOT TAKE CENVAT CREDIT ON THAT CAPITAL GOODS PURCHASED IN PAST.
THANKS
R.K. GARG
(M.COM. L.L.B.)
[CONSULTANT OF
CENTRAL EXCISE,CUSTOMS AND SERVICE TAX]
"the manufacturer of final products shall be allowed to take CENVAT credit of the duty paid on inputs lying in stock or in process or inputs contained in the final products lying in stock on the date on which any goods manufactured by the said manufacturer."
SO, I THINK THEY CAN NOT TAKE CENVAT CREDIT ON THAT CAPITAL GOODS PURCHASED IN PAST.
THANKS
R.K. GARG
(M.COM. L.L.B.)
[CONSULTANT OF
CENTRAL EXCISE,CUSTOMS AND SERVICE TAX]
18 July 2014
Sir here my question is related to capital goods and not inputs used directly in the manufacturing process.
18 July 2014
Yes, you can take the cenvat credit of capital goods and you can take the 100% credit in first year also.
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