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Cenvat credit on tools & spares

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(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.
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Madhukar N Hiregange

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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.
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Yogeshkumar

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Yogeshkumar (Querist)
14 July 2013 Thank you

Kindly Possession means ownership/ control/tenure/custody.




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