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Excise duty ( Cenvat Credit )

This query is : Resolved 
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(Querist)
22 September 2010 An Asessee purchase plant & machinery ( Capital Assets) in financial year 2009-10 and get registered himself with excise deptt in financial year 2010-2011. We want to know whether he is elegible to avail Cenvat on that capital goods as on 31.03.2010.
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Ajay Raghatate

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Ajay Raghatate (Expert)
23 September 2010 No.
Assessee can't avail Cenvat credit before registration,
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Manish wadhwa

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Manish wadhwa (Expert)
23 September 2010 No assesee cannot avail cenvat credit as on 31.3.2010 but after registration he can avail 50% of the cenvat credit for the FY 2010-11
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NISHIT A. DOSHI

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NISHIT A. DOSHI (Expert)
24 September 2010 Hi,

Kindly note that as per the cenvat ruels, an assessee can take cenvat credit not exceeding 50% in the year in which capital asset is purchased and rest he can claim in the succeeding financial year/

So, in your case, you can claim 100% credit in fy 2010-11.

REGARDS,
C.A.NISHIT DOSHI
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