Cenvat credit on capital goods

This query is : Resolved

CA Anand (Querist)
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11 April 2012 Because of human error we forgot to enter receipt of Capital goods in the CENVAT Register which have been received in the month of march 2012 and without taking 50% credit available we filed the excise return on 10th april 2012. can we claim 100% CENVAT credit in current financial year? if yes what is the procedure?

CA Kishore Tallam

CA Kishore Tallam (Expert)
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11 April 2012 U can revise the excise return and claim the CENVAT Credit on capital goods. However, there is no time limit for availing input credit.

CA Anand

CA Anand (Querist)
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11 April 2012 Thank You Kishore sir but i didnot find provision for revision of excise return. if there any provision for revision of excise return please give me the reference of that provision. Thanks for your quick reply

Kishor Darole

Kishor Darole (Expert)
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13 April 2012 Dear Mr. Anand,

There is no time limit to avail cenvat credit. For capital goods, only condition is, you can avail 50% in current year and balance in next. So, you can take 50% credit in current and balance in next year.

OR

Account this material in current year instead of March, if not, above option is legal.

No need to revise ER-1.

Regards
Kishor Darole

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CA Anand

CA Anand (Querist)
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13 April 2012 Thank you kishor Sir or your advice...

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