Cenvat credit on capital goods
This query is : Resolved
29 January 2014
Hi..
Our company has build a new factory building. We have transferred our old machineries which we are currently using for manufacturing after reversal of cenvat credit that we have taken as reduced by the percentage as per the provision. We have transferred the machineries by preparing the invoice & the cenvat reversed have been shown in the invoice.
Now I want to know whether, the said amount of excise which we have reversed can be availed fully in the first year or we should avail the credit as per the cenvat provision? i.e 50% in the year of receipt & balance in the next year.
Regards.
Vishal Bhatt
Our company has build a new factory building. We have transferred our old machineries which we are currently using for manufacturing after reversal of cenvat credit that we have taken as reduced by the percentage as per the provision. We have transferred the machineries by preparing the invoice & the cenvat reversed have been shown in the invoice.
Now I want to know whether, the said amount of excise which we have reversed can be availed fully in the first year or we should avail the credit as per the cenvat provision? i.e 50% in the year of receipt & balance in the next year.
Regards.
Vishal Bhatt
29 January 2014
You should take the cenvat credit on capital goods 50% current year and remaining balance of cenvat credit next financial year.
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