Cenvat credit on capital goods for ssi unit
This query is : Resolved
01 July 2016
Ours is a newly established SSI unit,
We have procured Plant and Machinery under Capital Goods ,
Our Range officials are citing the Rule 4(2) of CENVAT Credit rules 2004 and insisting to avail upto only 50% CENVAT Credit on Capital Goods 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
Manohar
We have procured Plant and Machinery under Capital Goods ,
Our Range officials are citing the Rule 4(2) of CENVAT Credit rules 2004 and insisting to avail upto only 50% CENVAT Credit on Capital Goods 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
Manohar
Shishir Nayak
(Expert)
01 July 2016
SSI unit can obtain 100% CENVAT in the 1st year.The complete CENVAT credit may be obtained by SSI unit in 1st year itself. This is the 2nd provision to Rule 4(2)(a) as incorporated w.e.f. 1.4.201.
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