Cenvat Credit on Capital Goods
This query is : Resolved
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
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
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.
& Max cenvat that can be claimed in forst year is 50% & bal in any subsequent year.
So you can claim 50% in March.
16 June 2008
Thanks for the clarifcation
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