Cenvat credit more than payment amt
This query is : Resolved
09 July 2010
Dear All
AS per our PO terms and condition any statutory variation after contractutal delivery date ( CDD) is to be borne by seller
The rate of basic excise duty has been changed from 8% to 10% wef 26.02.10.
As per PO terms , in cases where CDD was on or prior to 26.02.10 but material dispatched after that that ( eg in March). Seller is giving us invoice of 10% excise duty but we are paying him only 8% as per PO terms
Query is whether we can take the credit of whole 10% in such cases or not or it will be restricted to payment amount of 8%.
Please advise with relevenat laws, if any..
Thanks and Regards
Kamlesh Chokhani
AS per our PO terms and condition any statutory variation after contractutal delivery date ( CDD) is to be borne by seller
The rate of basic excise duty has been changed from 8% to 10% wef 26.02.10.
As per PO terms , in cases where CDD was on or prior to 26.02.10 but material dispatched after that that ( eg in March). Seller is giving us invoice of 10% excise duty but we are paying him only 8% as per PO terms
Query is whether we can take the credit of whole 10% in such cases or not or it will be restricted to payment amount of 8%.
Please advise with relevenat laws, if any..
Thanks and Regards
Kamlesh Chokhani
10 July 2010
In case of inputs and capital goods, there is no requirement that the tax must be paid to be eligible to take credit.
Once the inputs/capital goods are received at your factory, supported by the invoice, you are eligible, not withstanding whether payment is made in full subsequently.
Other view solicited.
Once the inputs/capital goods are received at your factory, supported by the invoice, you are eligible, not withstanding whether payment is made in full subsequently.
Other view solicited.
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