CENVAT on Capital Goods
This query is : Resolved
02 November 2007
FOR THE CAPITAL GOODS CENVAT IS APPLICABLE 100% OR 50%,
pl give the answer with example
thanking you
pl give the answer with example
thanking you
02 November 2007
Dear Sir
You can take 100% credit for capital goods. But you can not use more than 50% of the same, in the year of purchase. Balance can be used in the subsequent year/s.
For example if you purchase machinery worth Rs 10 Lakhs and pay duty of Rs 163800 in November 2007 to your supplier, you can take maximum credit of Rs 81900 in the year 2007-08 and the balance in 2008-09 or thereafter.
You can take 100% credit for capital goods. But you can not use more than 50% of the same, in the year of purchase. Balance can be used in the subsequent year/s.
For example if you purchase machinery worth Rs 10 Lakhs and pay duty of Rs 163800 in November 2007 to your supplier, you can take maximum credit of Rs 81900 in the year 2007-08 and the balance in 2008-09 or thereafter.
03 November 2007
Hi
In case of capital goods ,credit of duty not exceeding 50 % can be taken in the year of acquisition and the balance in the subsequent years provided capital goods are still in possesion.in case capital goods are removed in the first year 100% credit will be allowed in the year of acqusition of asset.
In case of capital goods ,credit of duty not exceeding 50 % can be taken in the year of acquisition and the balance in the subsequent years provided capital goods are still in possesion.in case capital goods are removed in the first year 100% credit will be allowed in the year of acqusition of asset.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Sales amount in Gstr1
- Supply through E-commerce Operators
- TDS Claim year
- Relief u/s Section 89
- Rent lease agreement
- TDS Challan Code
- Taxation on LTCG for property sold after 24JUL2024
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
