Input credit
This query is : Resolved
Kiran Kanth K
(Querist)
24 July 2013
can we take input credit on purchase of consumables, spares like bearings, bolts.......and is it necessary they are to be used during production process ,if it is a seasonal manufacturing establishment
Aashish Tiwari
(Expert)
24 July 2013
It is specified in CENVAT CREDIT RULE, that the input which is dutiable and consumed into manufacturing of dutiable goods then only input credit is available.
In ur case, 1st determine the type of expense, May it fall down under the fixed asset related to parts of machinery of dutiable goods (as per AS 10) and so, credit is availed on capital goods.
In ur case, 1st determine the type of expense, May it fall down under the fixed asset related to parts of machinery of dutiable goods (as per AS 10) and so, credit is availed on capital goods.
RENGARAJ R.K
(Expert)
25 July 2013
I think the question is VAT input i.e ITC and not on cenvat credit rule. Any how, the consumables are not considered as eligible input tax credit unless they are traded (bought and sold).
Which state the query relates?
Which state the query relates?
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Movement of goods by packers and movers - type of sale - Reg.
- TDS Return Statement Status
- Closer of business and itc of capital goods
- ARCA LOGIN
- RCM and same line
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
