Cenvat credit on excise duty paid on capital goods
This query is : Resolved
27 May 2014
If suppose the cenvat credit on excise duty paid on capital goods is not utilised 50% in the current year and 50% in the subsequent year by as it is supposed to be utilised, Can the same be carried forward for subsequent periods?
Nitin Bhuta
(Expert)
27 May 2014
Once u have claimed cenvat credit on capital goods as provided under CENVAT Credit Rules 2004 it can be certainly carried forward as on claim it looses the its character of specific nature to general nature. It is just like PLA Balance or monies lying with Govt authorities.
27 May 2014
The problem is that technically it was not claimed...It was nowhere shownas a part of credit available in the ST-3 returns for the prior periods. That particular invoice was missed out.
Nitin Bhuta
(Expert)
27 May 2014
If possible revise the returns or alternatively show the item as prior period adjustment in the books of accounts and account it appropriately in CENVAT Credit records and claim it accordingly.
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Rupesh Jain
(Expert)
30 May 2014
yes you can carry forward the cenvat credit on input or service tax or on capital goods till your excise number is valid.
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