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Cenvat Credit on Capital Goods

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(Querist)
15 June 2008 Dear Friends,

Please clarify the following .

1. For availing Cenvat Credit on capital goods is it to be started from the date of invoice/ date on which asset put it into use?

2 For the capital goods act says the credit can be set two years. If I purchase a capital item in the month of March can I eligible to get a credit 50 % in the March and remaining in the April
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vaibhav

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vaibhav (Expert)
16 June 2008 You can claim cenvat from the date on whic CA assets is received in the premises.

& Max cenvat that can be claimed in forst year is 50% & bal in any subsequent year.


So you can claim 50% in March.
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P.Saravanan

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P.Saravanan (Querist)
16 June 2008 Thanks for the clarifcation
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