Cenvat on capital goods purchased
This query is : Resolved
19 May 2009
Hi,
If a company purchases some tools or spare parts which are although of Capital nature but due to small amts, charges in books in same year. Now the Excise duty paid upon the purchase will be considered as for Capital goods and be eligble for input in two years or can it be claimed in same year in full.
If a company purchases some tools or spare parts which are although of Capital nature but due to small amts, charges in books in same year. Now the Excise duty paid upon the purchase will be considered as for Capital goods and be eligble for input in two years or can it be claimed in same year in full.
19 May 2009
Though amount is less as per rule you will get exemption by cionsidering it CG.
20 May 2009
Will there be need to book such expense accoridngly to tally the records with excise return?
25 May 2009
The credit has to be availed in 2years. 50% in the year of receipt + 50% on 1st April of the next year as long as the same fall under the chapter heads specified un der the definition.
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
- CLOSING STOCK QUERY
- DUE DATE FOR ITR FILING
- GST ISD Query on various AMCs
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Short Term Gain Reporting ITR
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Rent claimed on building given on permissive possession basis
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
