Cenvat credit on tools & spares
This query is : Resolved
Yogeshkumar
(Querist)
09 July 2013
Kindly Whether CENVAT credit on all tools & spares could be taken when such goods could not be used for more than a year.
Madhukar N Hiregange
(Expert)
10 July 2013
As per rule 4 of the Cenvat Credit rules - On receipt 50% credit is available as these would be capital goods. The balance is eligible in subsequent years of their possession. Whether used or not is not important.
Yogeshkumar
(Querist)
14 July 2013
Thank you
Kindly Possession means ownership/ control/tenure/custody.
Kindly Possession means ownership/ control/tenure/custody.
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