Cenvat credit under central excise ruls
This query is : Resolved
15 August 2012
Dear Sir,
I am a manufacturer and i have purchase a machinery from Germany and i have CVD and additional duty so tell me how i will avail cenvat credit in this financial year and next f,y
I am a manufacturer and i have purchase a machinery from Germany and i have CVD and additional duty so tell me how i will avail cenvat credit in this financial year and next f,y
16 August 2012
This machinery will be treated as a capital goods. CVD and Special additional duty(SAD) is collected on import in lieu of the excise duty and sales tax respectively.
Cenvat credit on Capital goods is available in 2 years - 50% in the 1st year and 50% in the 2nd year.
You can, therefore, claim the CVD in two parts. Of course, you can claim education cess and SHE cess on CVD too.
Cenvat credit on Capital goods is available in 2 years - 50% in the 1st year and 50% in the 2nd year.
You can, therefore, claim the CVD in two parts. Of course, you can claim education cess and SHE cess on CVD too.
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