Cenvat Credit to be availed on Carbide Inserts and End Mills

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 November 2009 Are Carbide Inserts and End Mills to be treated as "Capital Goods" as per Chapter 82- Tools of the Tariff Act, and only 50% of the credit is to be availed in the year of purchase?
Or As these inserts are used and worn out within a year, due to continuous usage in Machining, it has to be treated at par with Consumables and full credit can be availed?
Please answer with details of the Act, Rules or Notifications.

Regards,
Sriram.

22 November 2009 Chapter 82 treat in capital goods so you are liable to avail 50% credit in this yr.

22 November 2009 yes, only 50 % in that year,not 100%.

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 December 2009 Yes got the answer. Thanks for posting


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