Cenvat credit on capital goods for ssi unit
This query is : Resolved
29 June 2016
Ours is a newly established SSI unit,
We have procured Plant and Machinery under Capital Goods ,
Iam told the CENVAT credit can availed upto only 50% in the current financial year and rest in subsequent year , which also to be reflected in the ER1 return.
But our consultant says SSI units can avail 100% credit in the first year only .
.( 6/2010 dt.27-02-2010 second / third proviso to Rule 4(2)(a) as inserted w.e.f 1-4-2010 )
Iam not sure pl guide me with GO copy
Thanks & Regards !
VR Manohar
9866577671
We have procured Plant and Machinery under Capital Goods ,
Iam told the CENVAT credit can availed upto only 50% in the current financial year and rest in subsequent year , which also to be reflected in the ER1 return.
But our consultant says SSI units can avail 100% credit in the first year only .
.( 6/2010 dt.27-02-2010 second / third proviso to Rule 4(2)(a) as inserted w.e.f 1-4-2010 )
Iam not sure pl guide me with GO copy
Thanks & Regards !
VR Manohar
9866577671
Rupesh Jain
(Expert)
29 June 2016
yes, you can get 100% cenvat on capital goods in first year, if you want to take 50-50% then you can take.
Message likes :
1 times
30 June 2016
But our Range superintendent is citing Rule 4(2) of CENVAT Credit Rules 2004 , and asking us to reverse back the credit taken.
Pl guide with the relevant amended rules .
Thanks !
VR Manohar
Pl guide with the relevant amended rules .
Thanks !
VR Manohar
Arun Kumar Singh
(Expert)
03 July 2016
Yes, SSI unit can take the 100% cenvat credit on capital goods.
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