Credit available on inputs
This query is : Resolved
ANKIT SHANKAR
(Querist)
17 May 2011
Hi friends,
I have a query that one of my client is taking credit on inputs used in the R&D of products but company is not yet registered in Excise. Now they started sale from there stores premises which is away from company and also got registration in excise whether credit on inputs taken from last 2 years can be utilized on sale?
I have a query that one of my client is taking credit on inputs used in the R&D of products but company is not yet registered in Excise. Now they started sale from there stores premises which is away from company and also got registration in excise whether credit on inputs taken from last 2 years can be utilized on sale?
Madhukar N Hiregange
(Expert)
23 May 2011
The credits are not being allowed on R&D inputs upto 31.3.2011. However in the light of the amended cenvat credit rules it maybe available.
However the inputs in stock as on the date of registration and inputs contained in the finsihed products as on date of starting to pay the ED wouldbe available.
However the inputs in stock as on the date of registration and inputs contained in the finsihed products as on date of starting to pay the ED wouldbe available.
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