cenvat credit on refractory material purchase

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sam trikha (Querist)
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06 February 2011 plz reply
refractory material is under definition of capital goods under excise
if such material is consumable in nature then
how much we can claim cenvat credit 50% or 100% ??
treatmant in accounts either capitalise or revenue ???

Rajesh Kumar

Rajesh Kumar (Expert)
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14 February 2011 In your account books, it can be capital of revenue as per accounting principle. But for Cenvat Taking purpose, you have to take 50% credit this year and rest next year.
The definition of capital goods under Cenvat Credit Rules is not relevant for accounting purposes.

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