Cenvat credit on capital goods

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2012 Sir,

We installed in factory one capital goods last F.Y. thats time we not taken a cenvat credit.

My Query is know possible on take the credit?

Kindly clearyfy if it is possible how to show the ER-1 Return.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

05 May 2012 The Central Board of Excise and Customs has issued a notification making e-filing mandatory for assessees with effect form 1-4-2010. As per the Notification, all the registered Excise Manufacturers who have paid total duty of rupees ten lakhs or more including the amount of duty paid by utilization of CENVAT credit in the preceding financial year to file the monthly return, electronically under sub-rule (1) of Rule 12 of the Central Excise Rules, 2002.

To assist and manage e-filing, Central Board of Excise & Customs has set up an e-governance portal � Automation of Central Excise and Service Tax (ACES) [https://aces.gov.in]

Currently, ACES application allows filing Monthly/Quarterly Return for the Registered Manufacturers online who are accessing the ACES site through PCs / Internet Browsers.

To make E- filing easy for the Excise Manufacturers to file returns in Automation Of Central Excise And Service Tax (ACES), department has given the options of off line filing using Excel utility or XML schema.

Assessees who are not maintaining the records in computerised system, can down load the Excel utility and enter the details manually, validate and upload the Excel utility.

Assessees who have computerized systems in place and can generate their return from their existing application, department has given the process to prepare return in XML format validate and upload the ER 1 return. Benefits of using the XML schema is that if user is having huge data to upload instead of entering manually they can use their application for generating XML schema.

must read:

https://www.caclubindia.com/experts/time-of-availing-cenvat-credit-959340.asp

https://www.cbec.gov.in/excise/cx-circulars/cx-circ12/962-2012cx.htm

S.P.Mahanta

S.P.Mahanta (Expert)

06 May 2012 Unavailed cenvat credit on Capital goods received in factory of manufacturer can be availed in any subsequent year under rule 4(2)(b) of CCR'2004. You can also avail 100% credit on that capital goods on which cenvat credit remained unavailed in previous year.Several excise cases support this view.You can simply include the cenvat credit in ER-1.

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